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
L&L Holding Company’s David Berkey and Polsinelli’s Gabriel Dabiri along with 600 Third Avenue (Getty, L&L Holding Company, Polsinelli)
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
Josh Zegen with 14 Fifth Avenue (Getty, LPC)
Madison Realty lands $105M loan for Greenwich Village condos
Madison Realty lands $105M loan for Greenwich Village condos
From left: Newmark's Peter Shimkin and David Falk.300 East 42nd Street
Jamaican consulate inks 43K sf lease in Murray Hill
Jamaican consulate inks 43K sf lease in Murray Hill
Editor’s note: Turning the page on a turbulent year
Editor’s note: Turning the page on a turbulent year
Editor’s note: Turning the page on a turbulent year
When the Fed’s no longer a friend
When the Fed’s no longer a friend
When the Fed’s no longer a friend
346 East 52nd Street (Google Maps, Yelp, Getty)
NYPD raids Koeppel’s Midtown building after brothel probe
NYPD raids Koeppel’s Midtown building after brothel probe
Who’s crazy enough to build office?
Who’s crazy enough to build office?
Who’s crazy enough to build office?
Madison Realty Capital’s Josh Zegen (Madison Realty Capital)
Inside Madison Realty Capital’s distressed investing playbook
Inside Madison Realty Capital’s distressed investing playbook
arrow_forward_ios

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

Loading...