Residential Property in Manhattan Purchased in 2012 by Madison for $7.125 Million; Property Was Renovated and Repositioned Over the Last Two Years
NEW YORK, June 19, 2014 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, today announced the sale of 150 West 84th Street for $12.275 million.
The property, a five-story, 13,260 square-foot residential building consisting of 20 apartment units, was initially purchased by MRC in late 2012 in an off-market transaction for $7.125 million. The company has spent the last two years renovating and repositioning the building and now has completed the disposition of the asset.
Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
"Madison Realty Capital is pleased with the execution of our entire strategy on this property, from purchase through repositioning and now final sale," said Zegen. "This transaction is another example of our ability to maximize the value of any investment we make. We are currently in contract on more than $150 million in new acquisitions in Manhattan, Queens, Brooklyn and Staten Island which will be closing over the next quarter."
About Madison Realty Capital (MRC)
MRC is a New York-based real estate private equity firm and asset management company that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in over $2.2 billion of transactions in the multifamily, retail, office and industrial sectors.
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