Capstone Equities Secures 140 Crosby Street Office Building Following Foreclosure

Capstone Equities has secured ownership of 140 Crosby Street, a 35,000-square-foot Class A office and retail property in Manhattan's SoHo neighborhood. The acquisition, finalized for $51.4 million, concludes a foreclosure process initiated by Capstone after it purchased the building's $75 million debt last July. The property was previously owned by a partnership between Madison Capital and Vornado Realty Trust, which completed the six-story development in 2019.

As part of the transaction, Capstone entered into a $39.6 million financing agreement with Prime Finance, consolidating existing debt and a new gap mortgage. The building, which also holds addresses at 606 Broadway and 19 East Houston Street, currently hosts retail tenants Citizens Bank and JBL, though the upper-level office space has remained largely vacant since the previous ownership defaulted on its mortgage obligations.