Madison Realty Capital has nailed down financing for a controversial condo development in Greenwich Village more than a year and a half after the city gave the project its blessing.
G4 Capital Partners provided $105 million in construction financing, including $76.7 million in new debt, for the 19-story, 14-unit offering at 14 Fifth Avenue, a mid-block parcel north of Washington Square Park between 9th and 10th Streets.
A four-story, partially rent-stabilized 20-unit apartment building on the site was recently demolished, according Andrew Berman, executive director of the Village Preservation Society, which waged a campaign against the project.
A narrow vote in 2021 by the Landmarks Preservation Commission allowed the building to be razed after Madison reduced the size of its proposal, designed by Robert A.M. Stern, from 21 stories and 18 units. Opponents of the project included former Manhattan borough president Gale Brewer and state senator Brad Hoylman, who blasted Madison for “pushing out rent-stabilized tenants to make quick profits for their investors”
A Madison representative did not immediately return a request for comment.
The removal of rent-stabilized apartments from the city’s housing stock can still be accomplished through demolition, a pathway left open to developers by state tenant protection-measures passed in 2019.
Madison bought the property in 2015 for $27.5 million. As senior lender, G4 has replaced Connectone Bank, which provided Madison with a $29.6 million loan in 2021.
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