Madison Realty Capital buying UWS rental for $86M

Rosario Candela-designed building at 915 West End Avenue has 94 apartments

New York /
May.May 18, 2016 08:00 AM

Madison Realty Capital is in contract to purchase an Upper West Side rental building at 915 West End Avenue for $85.5 million, sources told The Real Deal.

The 120,000-square-foot, Rosario Candela-designed property at West 105th Street has 94 apartments, 41 of which are rent-stabilized. The seller was a partnership between Millhouse Peck Properties — an investment firm run by Nancy Green, Eric Gray and Joshua Sacks — and longtime owners the Lichter family. In April 2015, they filed plans to convert 43 of the units to condominiums with a projected sellout of $146 million, but those plans never came to fruition.

The deal with Madison Realty CapitalTRData LogoTINYis set to close in the next few months for a little over $700 per square foot. Prince Realty Advisors’ David Ash and Peter Hungerford, who were the sole brokers on the deal, declined to comment. The city’s Department of Finance estimated the building’s net operating income in 2015 was $1.8 million.

Madison, which is led by Josh Zegen, Brian Shatz and Adam Tantleff, declined to comment. But sources said the firm, which has other holdings in Upper Manhattan, plans to renovate the property and continue to operate it as a rental building.

Madison’s recent acquisitions include the Buchanan, a 16-story, 289-unit rental in Midtown East for which it paid $270 million in partnership with USAA Real Estate, and the “Brooklyn Whale Building” in Sunset Park, for which it paid $82.5 million.

The firm recently raised $695 million for its latest debt fund.

Kyna Doles contributed reporting.


Related Articles

arrow_forward_ios
HFZ's Ziel Feldman, The Chatsworth at  344 West 72nd Street and Nir Meir (Getty, Google Maps/Illustration by Kevin Rebong for The Real Deal) 
Chaos at the Chatsworth: Co-op says HFZ plundered reserves
Chaos at the Chatsworth: Co-op says HFZ plundered reserves
4001 Broadway, 1121 First Avenue, and 318 West 75th Street (Google Maps)
Tough yet schmaltzy landlord scores $53M resi sale
Tough yet schmaltzy landlord scores $53M resi sale
45 West 81st Street (Google Maps)
Shuttered Excelsior Hotel sold for $80M
Shuttered Excelsior Hotel sold for $80M
Wafra lands $225M for 720 West End Avenue
Wafra lands $225M for 720 West End Avenue
Wafra lands $225M for 720 West End Avenue
Fetner to finally break ground on 23-story UWS apartment building
Fetner to finally break ground on 23-story UWS apartment building
Fetner to finally break ground on 23-story UWS apartment building
Five Upper West Side apartments straight out of a holiday film
Five Upper West Side apartments straight out of a holiday film
Five Upper West Side apartments straight out of a holiday film
Extell’s Gary Barnett and a rendering of 50 West 66th Street (Snøhetta)
Fight over Extell’s UWS tower could crush century-old City Club
Fight over Extell’s UWS tower could crush century-old City Club
Madison Realty Capital's Josh Zegen and 98-08 Queens Boulevard in Rego Park (Google Maps)
Rego Park apartment project lands $125M construction loan
Rego Park apartment project lands $125M construction 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...