The Real Deal New York

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
By Claire Moses | November 05, 2014 12:12PM

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.