New Ownership Plans to Renovate Units and Common Areas to Improve 20,219 SF Mixed-Use Property; Site Offers in Excess of 43,000 SF of Unused Development Rights in Prime Greenwich Village Location
NEW YORK, Feb. 10, 2015 /PRNewswire/ — City Urban Realty, and Madison Realty Capital (MRC), an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the acquisition of 14-16 Fifth Avenue, a mixed-use residential and commercial property located in the heart of Greenwich Village, for $27.5 million in a direct transaction. Michael Alvandi, Managing Principal of City Urban Realty, and Josh Zegen, Co-Founder and Managing Principal of MRC, jointly made the announcement.
Lower Fifth Avenue is an exclusive neighborhood immediately north of the newly rehabilitated Washington Square Park. 14-16 Fifth Avenue is a five-story building located on Fifth Avenue between 8th and 9th Streets, just steps from the park. The building currently comprises 20,219 square feet, including 18 residential units and 2 professional spaces offering 52 feet frontage on Fifth Avenue, and offers in excess of 43,000 square feet of additional residential development rights. MRC and City Urban Realty will seek to add value to the property through the renovation of existing apartments, lease-up of vacant units, and potentially future redevelopment.
Mr. Alvandi said, "We saw the opportunity to buy irreplaceable real estate at an attractive basis and were happy to add 14-16 Fifth Avenue to our portfolio of quality assets."
"This is one of the most sought-after residential submarkets in Manhattan, and we're pleased to have found an opportunity to complete the acquisition of 14-16 Fifth Avenue along with City Urban. Market fundamentals here are phenomenally strong, and we believe we can improve the property significantly to make the most of its desirable location," added Mr. Zegen.
About City Urban Realty
City Urban Realty, headed by Michael Alvandi, is a diversified real estate investment management company involved in the ownership and development of commercial and multifamily properties. Targeting investments in strong markets and dense urban areas in the New York metropolitan area, City Urban utilizes its market knowledge and experience to identify and create value through management and repositioning of its assets.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $3.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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