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New York

Sapir, Rotem buy Madison Ave. townhouse for $18.5M

The developers plan to build a 10-story luxury resi building with retail and a restaurant

From left: 218 Madison Avenue and Alex Sapir
From left: 218 Madison Avenue and Alex Sapir

Alex Sapir and Rotem Rosen’s ASRR Capital, together with Turkish conglomerate Suzer Group, bought a Madison Avenue townhouse for $18.5 million. The developers plan to build a 10-story luxury property at the location.

ASRR and Suzer Group bought the large home at 218 Madison Avenue on the corner of East 36th Street with plans of demolishing the existing structure, according to the New York Post.

Paramount Realty Group’s Paolo Zampolli represented the buyer.

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The new development will include 10 full-floor units, private underground parking, as well as a gym and spa for residents, the newspaper reported. The building will also include a retail component and a restaurant.

Sapir and Rosen also own 260 and 261 Madison Avenue, the location of upscale restaurant Zuma, As Well As 11 Madison Avenue, the home of restaurant 11 Madison.

Last month, Sapir and Rosen partnered when they bought the Mondrian Soho for $200 million at a foreclosure auction. [NYP] — Claire Moses

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Alex SapirRotem Rosen