Zegen’s Madison Realty saves Flushing condo from foreclosure

Property near Flushing Commons recapitalized with $14M mortgage

TRD New York /
Apr.April 09, 2015 03:52 PM

Josh Zegen’s Madison Realty Capital has helped an 11-story Flushing condominium building avoid foreclosure by providing a $14 million mortgage to recapitalize the building.

Madison Realty’s last-minute intervention allowed the owners of the Shirokia Tower, a 53,255-square-foot building at 142-28 38th Avenue, to hang onto the property.

Nearly 100 investors were lined up to bid on the building at auction, according to the New York Daily News. The building – located one block from the Flushing Commons mixed-use development – features 23 condos, three commercial units and 47 parking spaces.

Madison has “made several substantial loans in Flushing, and had even reviewed Shirokia Tower itself for a deal in the past,” Zegen told the Daily News.

Madison’s recent investments include the $45 million purchase of a vacant 215,000-square-foot building in Brooklyn’s Wallabout section last month and a $23.5 million deal for a bagel factory in Downtown Brooklyn. [NYDN] – Rey Mashayekhi


Related Articles

arrow_forward_ios
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
133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Developer Gary Tsan buys Flushing property for $60M
136-18 Maple Avenue (Credit: Google Maps)

Flushing real estate boom continues with another mixed-use project

Flushing real estate boom continues with another mixed-use project
From left: Raphael Toledano and Madison Realty Capital managing principals Adam Tantleff, Josh Zegen and Brian Shatz (Illustration by Kevin Rebong for The Real Deal)

Raphael Toledano’s “ghostly” East Village portfolio

Raphael Toledano’s “ghostly” East Village portfolio
Golden Shopping Mall at 41-28 Main Street in Flushing (Credit: Google Maps)

Woman killed by panel that fell from Queens strip mall: officials

Woman killed by panel that fell from Queens strip mall: officials
arrow_forward_ios

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

Loading...