The Real Deal New York

Topaz Realty pays $22M Madison Realty Capital’s W’burg rental

Multifamily building on South 2nd Street has 35 apartments
By Rich Bockmann | June 30, 2016 01:00PM

From left: 265 South 2nd Street and

From left: 265 South 2nd Street in Williamsburg and Madison Realty Capital’s Josh Zegen

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.