The Real Deal New York

Madison sells luxury Staten Island apartment building

Investor Benjamin Rusi is the buyer
By Eddie Small | January 26, 2018 01:45PM

Madison Realty Capital’s Josh Zegen and 224 Richmond Terrace (Credit: Chance Yeh and Cassandra Properties)

Madison Realty Capital has sold its 40-unit residential building on the Staten Island waterfront to investor Benjamin Rusi for $20 million.

The complex, located at 224 Richmond Terrace in St. George right by the Staten Island Ferry Terminal and Empire Outlets projects, is called The View. It stands 11 stories tall and was built in 2012, and it contains 16 one-bedroom apartments, 24 two-bedroom apartments, three commercial units, and 28 parking spots.

Brian McGowan (Credit: Cassandra Properties)

Cassandra Properties brokered the deal on both sides, with Brian McGowan and Robert Nixon representing Rusi and John Pitera representing Madison.

Madison is currently trying to sell a portfolio of seven Kips Bay properties with Slate Property Group for $120 million and recently snagged a $63 million loan for its Clinton Hill rental at 504 Myrtle Avenue.

The St. Charles Seminary is trying to sell an eight-acre site in Staten Island for $10.4 million at 209 Flagg Place, and a 2.3 million-square-foot commercial manufacturing building in the oft-forgotten borough’s Bloomfield neighborhood that will house Amazon’s first-ever distribution center in New York City topped The Real Deal’s list of biggest new real estate projects in 2017.