Topaz Realty Management is the buyer of Madison Realty Capital’s $22.4 million rental building in South Williamsburg.
Madison, led by Josh Zegen and Brian Shatz, sold the 35-unit, 22,800-square-foot building at 265-267 South 2nd Street. The Commercial Observer reported the sale Wednesday, but the buyer wasn’t revealed at the time.
Property records filed with the city Thursday show the buyer to be Topaz Realty, a Union Square-based investment firm headed by Poonam Sachdev and Suresh Sachdev.
Daniel Pollak of ZP Realty Capital served as a financial adviser to the buyers.
Madison bought the building in 2013 for $9.7 million and renovated the property.
The company also deregulated more than half of the rent-stabilized units, taking the building’s count from 17 at the time of the purchase down to six.