Madison Realty and RWN snag two Harlem buildings for $30M

Properties along the Frederick Douglass corridor have 30,000 sf of unused air rights

TRD New York /
Jul.July 21, 2014 05:30 PM

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


Related Articles

arrow_forward_ios
From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

Week’s mid-market sales run gamut from $80 to $500 psf

Week’s mid-market sales run gamut from $80 to $500 psf
Ilan Bracha, Haim Binstock and 39 East 72nd Street (Getty, Elliman)

Vanderbilt mansion condo conversion in foreclosure

Vanderbilt mansion condo conversion in foreclosure
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
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Extell’s plan for East Harlem development site revealed
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
Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone
arrow_forward_ios

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

Loading...