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.