Madison Realty Capital snags pair of Chelsea buildings

Buys multifamily properties for $19M following Hudson Yards purchase this week

TRD New York /
May.May 15, 2014 02:45 PM

Madison Realty Capital bought two Chelsea multifamily buildings for $19.25 million in an off-market deal, The Real Deal has learned.The properties are 216-218 West 22nd Street, located between Seventh and Eighth Avenues. The buildings have 27,750 square feet between them with 30 one-and two-bedroom residential rental units, and more than 7,000 square feet of commercial space.

The properties last traded in 1988, according to city records. “This was an opportunity for Madison to secure a high-quality multifamily asset with plenty of upside in one of the most sought-after Manhattan residential neighborhoods,” said Madison’s co-founder Josh Zegen. The firm will reposition the buildings by renovating the apartments and converting the first floor and garden level areas into duplex residences, he added.

Madison was represented by ARM Real Estate Group’s Anand Melwani, while the seller, an LLC listed as Kosov Properties, was represented by Christopher Okada and Hiro Iwata of Okada and Company.

Earlier this week, Madison paid $17 million for properties in the hot Hudson Yards district and in Harlem, according to the New York Observer. The firm, which used to make equity investments through Silverstone Property Group and debt deals through Madison, will now be doing all its deals under the Madison name. Its current projects include a boutique condominium at Noho’s 688 Broadway, as TRD reported.


Related Articles

arrow_forward_ios
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
Brian Harris, CEO of Ladder Capital (Credit: iStock)

“What, me worry?” Ladder Capital says it can easily meet margin calls

“What, me worry?” Ladder Capital says it can easily meet margin calls
Ladder Capital's Brian Harris and Madison Realty Capital's Josh Zegen (Credit: Ladder Capital; Madison Realty Capital)

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff

Ladder Capital deals loan portfolio to Madison Realty Capital amid mortgage selloff
Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects

Madison makes $157M loan on Santa Monica rental projects
From left: Raphael Toledano and Madison Realty Capital managing principals Adam Tantleff, Josh Zegen and Brian Shatz (Illustration by Kevin Rebong for The Real Deal)

Raphael Toledano’s “ghostly” East Village portfolio

Raphael Toledano’s “ghostly” East Village portfolio
Union Crossing at 825 East 141st Street with The Bluestone Group's Eli Tabak and Madison Realty Capital's Josh Zegen (Credit: Union Crossing Bronx)

South Bronx office building lands $85M refi

South Bronx office building lands $85M refi
Brian Shatz and Josh Zegen of Madison Realty Capital (Credit: Angela Pham @BFA)

Madison Realty Capital throws merry bash

Madison Realty Capital throws merry bash
14-16 Fifth Avenue along Madison Square Park and Madison Realty Capital's Josh Zegen (Credit: Google Maps)

Madison Realty Capital planning condo by Washington Square Park

Madison Realty Capital planning condo by Washington Square Park
arrow_forward_ios

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

Loading...