Madison Realty Capital flipped a building at the center of a botched condominium conversion yesterday, pocketing a $13 million gain in the process.
The property, holding 84 incomplete and unsold units, at 45 John Street in Downtown Manhattan had been in default for about five years. Madison Realty Capital bought it out for $47 million in November, then unloaded it for $60 million four months later. Investor Chaim Miller and his partners acquired the property after Madison Realty lent them a $45 million short-term bridge loan. [more]