Madison Realty promises rent hikes for UWS shops

New York /
Sep.September 25, 2013 05:21 PM

Brooklyn real estate investor Isaac Shalom of landlord Madison Realty Management shelled out $17 million for a partial stake in a 72-year leasehold at an Upper West Side building where the rent is far below market rate.

Shalom’s plan is to raise rents closer to the $350 per square foot that neighboring tenants pay. The tenants at 2012-2018 Broadway, near West 69th Street – including Nanoosh Mediterranean, Dan Japanese Restaurant and a nail salon – all pay less than $200 per square foot. There is 2,200 square feet of ground-floor medical offices and 4,500 square feet of retail.

Eastern Consolidated senior director Adelaide Polsinelli, who represented the buyer and the seller in the deal, told Crain’s that all of those leases end by 2018.

Shalom also wants to upgrade the façade of the property and install more uniform retail signage.

“The buyer saw the potential to raise the rents to market which is not where they are right now — they’re way below,” Polisinelli said. [Crain’s]Mark Maurer


Related Articles

arrow_forward_ios
Madison Realty Capital's Josh Zegen and 98-08 Queens Boulevard in Rego Park (Google Maps)
Rego Park apartment project lands $125M construction loan
Rego Park apartment project lands $125M construction loan
Madison moves to take over contaminated Greenpoint site
Madison moves to take over contaminated Greenpoint site
Madison moves to take over contaminated Greenpoint site
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
Hello Living faces end as Madison Realty pursues foreclosure
Hello Living faces end as Madison Realty pursues foreclosure
Hello Living faces end as Madison Realty pursues foreclosure
Bronx Section 8 housing, West Village dorm top mid-market sales
Bronx Section 8 housing, West Village dorm top mid-market sales
Bronx Section 8 housing, West Village dorm top mid-market sales
Madison Realty Capital's Josh Zegen and 625 Fulton Street in Brooklyn (MRC, Google Maps)
Rabsky lands $450M loan for DoBro towers
Rabsky lands $450M loan for DoBro towers
CBSK’s Scott Shnay, Madison Realty Capital’s Josh Zegen and 1228 Madison Avenue (LinkedIn, Madison Realty Capital, Robert A.M. Stern Architects)
Robert Stern-designed UES condo project gets $100M refi
Robert Stern-designed UES condo project gets $100M refi
Madison Realty Capital's Josh Zegen, 1580 Nostrand Avenue and Hello Living CEO Eli Karp (Madison Realty Capital, Hello Living)
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...