Madison Realty Capital has teamed with RWN Real Estate Partners to purchase a pair of buildings along Frederick Douglas Boulevard in Harlem for about $30 million.
Madison Realty and RWN bought the two five-story buildings at 2053 Frederick Douglass Boulevard and 300 West 112th Street from Steven Gaetano, Crain’s reported. Together, the properties comprise 55 rental units totaling 55,000 square feet of space, as well as 30,000 square feet of unused air rights, according to the news site. Those rights could be leveraged to build additional rental units or condominiums in the future, Josh Zegen, co-founder of Madison Realty Capital, told Crain’s.
“We’re big believers in the Frederick Douglass corridor,” Zegen told Crain’s. “It’s a block from Central Park, it has great restaurants and it’s attracting young families who are being pushed from the Upper West Side.”
Steven Schultz and Josh Malka of Newmark Grubb Knight Frank Capital Markets handled both sides of the deal. [Crain’s] – Tom DiChristopher