Madison Realty Capital planning condo by Washington Square Park

Project at 14-16 Fifth Avenue will be 21 stories, about 81,000 sf

14-16 Fifth Avenue along Madison Square Park and Madison Realty Capital's Josh Zegen (Credit: Google Maps)
14-16 Fifth Avenue along Madison Square Park and Madison Realty Capital's Josh Zegen (Credit: Google Maps)

Madison Realty Capital is planning a new condo building just north of Washington Square Park.

The firm filed plans with the Department of Buildings on Friday for a roughly 81,000-square-foot project at 14-16 Fifth Avenue that will stand 21 stories and 244 feet tall with 18 residential units.

Madison Realty Capital bought the mixed-use property in 2015 with City Urban Realty for $27.5 million. At the time, the companies said they planned to renovate the building’s existing apartments, find tenants for its empty units and possibly redevelop it.

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“Madison Realty Capital looks forward to working with the city and the Greenwich Village community on our new residential project at 16 Fifth Avenue,” company co-founder Josh Zegen said in a statement. “We are committed to making the building contextually appropriate with the surrounding neighborhood.”

Madison Realty Capital closed on a roughly $1.1 billion debt fund in April, exceeding its $1 billion goal. Loans it has provided loans include $138 million to Happy Living Development’s 155-unit mixed-use project in West Harlem and $52.5 million to HAP Investments’ mixed-use project in Washington Heights.

Correction, Dec. 11, 2019: This story has been revised to state that the project is near Washington Square Park, not Madison Square Park.