Zegen’s Madison Realty saves Flushing condo from foreclosure

Property near Flushing Commons recapitalized with $14M mortgage

Josh Zegen Madison Realty Capital
From left: Shirokia Tower at 142-28 38th Ave. in Flushing and Josh Zegen

Josh Zegen’s Madison Realty Capital has helped an 11-story Flushing condominium building avoid foreclosure by providing a $14 million mortgage to recapitalize the building.

Madison Realty’s last-minute intervention allowed the owners of the Shirokia Tower, a 53,255-square-foot building at 142-28 38th Avenue, to hang onto the property.

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Nearly 100 investors were lined up to bid on the building at auction, according to the New York Daily News. The building – located one block from the Flushing Commons mixed-use development – features 23 condos, three commercial units and 47 parking spaces.

Madison has “made several substantial loans in Flushing, and had even reviewed Shirokia Tower itself for a deal in the past,” Zegen told the Daily News.

Madison’s recent investments include the $45 million purchase of a vacant 215,000-square-foot building in Brooklyn’s Wallabout section last month and a $23.5 million deal for a bagel factory in Downtown Brooklyn. [NYDN] – Rey Mashayekhi