The Real Deal New York

Madison Realty Capital grabs Park Slope resi building for $28M

Steelpoint Property Group joined as JV partner

September 10, 2015 08:30AM
By Ariel Stulberg

78 Prospect Park West (inset: Madison Realty’s Josh Zegen)

A joint venture between Madison Realty Capital and Steelpoint Property Group bought a 41,000-square-foot residential building on Prospect Park in Park Slope from Jerome Fisher’s J Fisher Management, paying $28 million.

The seven-story, 41-unit elevator building is located at 78 Prospect Park West, between 3rd and 4th streets. It was built in the 1920s, and largely consists of one- and two-bedroom apartments.

The partners plan to renovate as many units as possible and convert them to luxury rentals. Ten of the building’s units are currently vacant, according to a press release from the joint venture.

Jerome Fisher, the man behind the seller, 78 Prospect Park West LLC., owns a number of other properties in Brooklyn including 66-22 Fleet Street, 94-80 Ridge Boulevard and 599 4th Street, according to records.

Aaron Mazor, Jonathan Butwin and Scott Dweck of Town Residential represented both the seller and the buyers in the deal.

Last month, Madison Realty dropped $82.5 million on the massive 400,000-square-foot industrial property known as the “Brooklyn Whale Building.” The company also bought a retail unit at the Williamsburg Federal Savings Bank Tower for $18 million in July.