Madison Realty shells out $40M for Turtle Bay apartments

Firm making flurry of trades in mid-sized market

TRD New York /
Jul.July 23, 2014 08:00 AM

Madison Realty Capital closed on a six-story residential building in Midtown East’s Turtle Bay neighborhood for $40.2 million, The Real Deal has learned.

The real estate investment firm is trading properties at a furious pace — this deal comes just days after Madison announced a $30 million acquisition and a $23.4 million sale, both in Harlem.

The 55,500-square-foot property is located at 361 East 50th Street, and has 43 residential units, seven commercial units and 150 feet of frontage along East 50th Street. It also comes with more than 45,000 square feet of unused air rights. Aaron Jungreis of Rosewood Realty Group represented both Madison and the seller, listed in city records as Matthew Siler, in the off-market-deal.

Madison’s co-founder Josh Zegen cited Turtle Bay’s growing trendiness – developers including Ziel Feldman’s HFZ Capital Group are doing projects in the neighborhood – and said that the elevator building has “considerable repositioning potential.”

Madison plans to renovate several of the residential units, which range from studios to a five-bedroom penthouse, and position them as high-end apartments.


Related Articles

arrow_forward_ios
Ilan Bracha, Haim Binstock and 39 East 72nd Street (Getty, Elliman)

Vanderbilt mansion condo conversion in foreclosure

Vanderbilt mansion condo conversion in foreclosure
Photo illustration of GDSNY CEO Michael Kirchmann, Klövern CEO Rutger Arnhult and 417 Park Avenue (Google Maps, iStock)

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
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: Jonathan Brody, Aaron Jungreis, and Alan Soclof

Stung by NY rent laws, Rosewood Realty is going nationwide

Stung by NY rent laws, Rosewood Realty is going nationwide
From left: GDSNY CEO Michael Kirchmann, 417 Park Avenue and Klövern CEO Rutger Arnhult (Credit: Google Maps)

GDS Development, Klövern buy Midtown East co-op for $184M

GDS Development, Klövern buy Midtown East co-op for $184M
arrow_forward_ios

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

Loading...