Capstone Snags Soho Office Amid Debt Play

Capstone Equities just snapped up a prime Soho office building at 14 Crosby Street for $51.4 million — a move that follows their foreclosure filing just under a year ago. The 35,000-square-foot property, developed by Madison Capital and Vornado in 2019, was only 25% leased last year. Capstone bought it from Madison Capital, securing $39.6 million in new financing to roll over the existing $75 million loan. This isn’t their first play — they’ve already acquired distressed assets in Brooklyn and Sunset Park using the same debt-buy-and-foreclose playbook. With this latest win, Capstone is cementing its reputation as a rising force in the distressed real estate market. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/bb3cf181166048a7