Madison Realty Capital buys Brooklyn factory site for $23.5M

Site, which allows for 110,000 buildable square feet, home to kosher Beigel's Bakery

New York /
Nov.November 05, 2014 12:12 PM

UPDATED 12:45 p.m., November 5: Madison Realty Capital bought a bagel factory in Downtown Brooklyn for $23.5 million, according to property records filed with the city today. The site holds roughly 110,000 buildable square feet, and is currently zoned for residential use.

A Brooklyn-based entity called Broadway Equities R.E. LLC, headed by Martin Gordon, is selling the property, located at 551 Waverly Avenue. Beigel’s Bakery — a kosher, family-owned bakery that has been in business since 1948 — is the sole tenant at the three-story property, built in 1915.

Madison Realty, headed by Josh Zegen, declined to comment on the transaction. It is an active player in both the real estate financing space and the small-to-mid-sized investment sales market. Earlier this year, it purchased two Chelsea buildings and sold an Upper Manhattan portfolio, and also helped finance Sharif El-Gamal’s 45 Park Place project.

Correction: A previous version of this story incorrectly identified Sharif El-Gamal’s project. It Is 45 Park Place.


Related Articles

arrow_forward_ios
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
Richard and Isaac Chera with 9 Hanover Place (Getty, Google Maps)
Facing lawsuit from Crown, private school in Brooklyn closes suddenly
Facing lawsuit from Crown, private school in Brooklyn closes suddenly
Davis Companies CEO Jonathan Davis and 570 Fulton Street (Davis Companies, Google Maps)
Davis Companies files plans for 45-story DoBro tower
Davis Companies files plans for 45-story DoBro tower
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Maddd Joy: Madruga, Weiss file plan for DoBro tower
12 MetroTech Center with Davidson Kempner Capital Management's Anthony A. Yoseloff (Getty, Brookfield)
Joint venture closes $128M deal at 12 MetroTech Center
Joint venture closes $128M deal at 12 MetroTech Center
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
300 West 122nd Street, Bespoke Living’s Rachel Medalie and Madison Realty Capital's Josh Zegen (StreetEasy, Douglas Elliman)
West Harlem condo gets $160M inventory loan
West Harlem condo gets $160M inventory loan
arrow_forward_ios

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

Loading...