Madison International takes stake in L+M’s East Village rental

Building is valued at $50 million

New York /
Apr.April 25, 2018 03:20 PM
Ronald Dickerman, Ron Moelis and 342 East 8th Street

Ronald Dickerman, Ron Moelis and 342 East 8th Street

Madison International Realty has picked up a stake in an East Village property owned by L+M Development Partners, in a deal that values the rental building at $50 million.

The company replaces another investor in the seven-story building at 342 East 8th Street, the NYAH Preservation Fund, according to documents filed with the city’s Department of Finance on Wednesday. The fund was launched in 2010 by L+M and Citi Community Capital and was part of a joint-venture that bought into the 79-unit building with L+M back in 2016.

The details of Madison’s investment were not immediately available. Representatives for L&M declined to comment. Madison president Ronald Dickerman declined to disclose the value of his company’s stake but confirmed the deal.

The company purchased a stake in the Paulus Hook Apartments in Jersey City, which are partly owned by L&M. He said the company’s replacing an institutional investor on that property and will likely have a role in a new tower planned for a garage nearby.

L&M co-developed the East Village building with BFC Partners in the early 2000s, completing the project in 2002. L&M bought out BFC in 2016, paying $44 million. The building, which sits at Avenue C and East 8th Street, has a mix of market-rate units and affordable housing and retail at its ground floor. The owners do not appear to have plans to make any changes to the building in the immediate future.


Related Articles

arrow_forward_ios
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Two of the eleven properties under threat of foreclosure (Google Maps)
Mack Real Estate may “strip” club owner of properties
Mack Real Estate may “strip” club owner of properties
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
arrow_forward_ios

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

Loading...