Madison Realty Capital planning condo by Washington Square Park

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

TRD New York /
Dec.December 10, 2019 10:15 AM
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.

“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. 

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