The Real Deal New York

Madison Realty sells Upper Manhattan portfolio for $24M

Acuity Capital Partners purchaser of properties on West 111th Street

April 09, 2014 12:40PM
By Katherine Clarke

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Josh Zegen and the West 111th Street property

Josh Zegen and the West 111th Street property

Madison Realty Capital sold four multi-family buildings in Northern Manhattan to Acuity Capital Partners, The Real Deal has learned.

The properties, at 136, 140, 144 and 148 West 111th Street, went for $24.25 million, according to Josh Zegen, co-founder and managing member of Madison.

The deal was brokered by Aaron Jungreis of Rosewood Realty Group.

Madison purchased distressed loans on the four adjacent buildings, which comprise 65 units and 50,000 square feet, for $11.75 million in May 2011. Then, after navigating through the bankruptcy and foreclosure process, the company took title to the properties at auction in July 2011.

The buildings have since been renovated and repositioned, Zegen said.

“After purchasing the debt and acquiring the title at auction for these four buildings, we were able to reposition and transform the entire property in less than three years,” he said. “The end result is a significant return on investment with the successful disposition of this multi-family asset.”

Acuity appears to be betting on the Upper West Side of Manhattan. The company paid $139.1 million to Brack Capital for the Greystone, a 362-unit Upper West Side rental building at 212 West 91st Street, in December.

Meanwhile, it sold off another asset in Midtown South, a commercial loft building at 335 West 35th Street, which was purchased for $42.5 million in February by an unidentified buyer.

An Acuity spokesperson could not immediately be reached for comment.

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