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Madison Realty gets $58M loan for 12-story Noho condo

One Great Jones Alley now under construction

From left: Renderings of One Great Jones Alley in Noho and Josh Zegen (credit: Chance Yeh)
From left: Renderings of One Great Jones Alley in Noho and Josh Zegen (credit: Chance Yeh)

Madison Realty Capital pulled off a $58.3 million construction loan for its Noho condo project known as One Great Jones Alley.

The Bank of the Ozarks provided the loan for the 12-story, 45,000-square-foot property at 688 Broadway in the Noho Historic District, sources told The Real Deal.

Sales are expect to launch for the 16 condominium units by year’s end, according to a spokesperson for the project. The ground floor will also hold an 8,910-square-foot retail space.

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Fredrik Eklund and John Gomes of Douglas Elliman are marketing the apartments at the BKSK-designed property. Sales will range from roughly $3.8 million to more than $20 million — for the duplex penthouse. The units will range in size from 1,800 to 5,400 square feet.

JLL’s Aaron Appel and Jonathan Schwartz brokered the financing.

Madison Realty Capital, led by Josh Zegen, received approval from the Landmarks Preservation Commission in 2012 and then filed plans with the city last year. The site formerly housed an open air flea market.

Last month, Madison received $124 million in financing for 15 multifamily buildings in the East Village.