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<\/a><\/p>\nUpdate May 12, 1pm<\/strong>: Waterbridge Capital and Nordica Soho are partnering to develop 182-186 Spring Street as a 12,500-square-foot commercial building, according to Bapple CEO Nick Spanos, who put the most recent deal together.<\/p>\n “The billboard speaks for itself,” Spanos said. “We\u2019re already talking to some big players.”<\/em><\/p>\n Soho’s 182-186 Spring development site may have a messy, “fight for your right (to demolish)” history, but it could be headed for a fresh retail start.<\/p>\n Waterbridge Capital is teaming up with Nordica Soho LLC to develop the site at the corner of Thompson Street. The on-site construction signage touts “Your flagship stand alone building,” indicating that the developers are shopping for a retail tenant.<\/p>\n The combined lot was originally slated for both condos and retail; Nordica Soho’s Stephane Boivin purchased 182 Spring in 2011 for $10.1 million, with plans for a seven-story mixed-use development, Curbed<\/a> reported. Then in April 2012, Boivin acquired Beastie Boy Adam Horowitz’s townhouse next door for $5.5 million, telling The Real Deal<\/a> that he was buying it “for personal use.” Several months later, Boivin filed a demolition permit for the 1824 house, with the intention to merge the lot with his neighboring project.<\/p>\n The Greenwich Village Society for Historic Preservation tried to save the townhouse, citing its importanc<\/a>e in the early LGBT rights movement. However, the Landmarks Preservation Commission said that the structure was ineligible for landmarking, and it was leveled in October 2012.<\/p>\n In May 2013, a Connecticut-based private equity fund named Silo Capital brought a $5.6 million foreclosure suit against Boivin, The Real Deal<\/a> reported. Silo claimed that Boivin had improperly demolished 186 Spring, which had been used as collateral for a loan.<\/p>\n This past November, we reported that the site was placed on the market for $38 million<\/a>, more than twice the approximate $15.6 million that Boivin spent to acquire the property. After about a month, 182-186 Spring went into contract in December 2013, public records show.<\/p>\n So what’s next for the embattled property? Public records also indicate that Acadia Realty Trust is involved with the project. The White Plains-based firm is a real estate investment trust that specializes in acquiring, developing, expanding and leasing shopping center properties; the company’s portfolio includes two buildings at 152-154 Spring Street<\/a>, the former of which houses the US’s first Kate Spade Saturday store. In January 2013, Waterbridge closed on a deal to buy those two buildings for $30 million, for a total of 11,000 square feet in retail space, the Wall Street Journal<\/a> reported.<\/p>\n
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