Madison Realty shells out $40M for Turtle Bay apartments

Firm making flurry of trades in mid-sized market

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
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
Hopson Development Holdings, Silverback submit $320M Midtown East condo plan
Hopson Development Holdings, Silverback submit $320M Midtown East condo plan
Hopson Development Holdings, Silverback submit $320M Midtown East condo plan
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
550 Madison Avenue and Chubb Group CEO Evan Greenberg (Getty, 550 Madison)
Chubb Group negotiating 10-floor lease at Olayan’s 550 Madison Avenue
Chubb Group negotiating 10-floor lease at Olayan’s 550 Madison Avenue
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...