Madison Realty Capital Makes Two Deals, Consolidates Brand
Gus Delaporte May 14, 2014, 7:30 a.m.
Madison Realty Capital has acquired properties located in the Hudson Yards district and Harlem for a combined total of $17 million, the real estate private equity firm announced yesterday.
In the first of the two deals, Madison Realty Capital has acquired two mixed-used properties at 440-442 10th Avenue from Atria Builders for $9.75 million. The buyer intends to reposition retail space while renovating and leasing the properties’ vacant apartment units, according to a press release announcing the deal.
Madison Realty Capital has also acquired an 11,254-square-foot retail condo at 2094-2104 Frederick Douglass Boulevard in Harlem for $7.25 million. The space is currently leased to several long-term tenants.
“We expect to add significant value to the new Hudson Yards and Harlem properties,” said Josh Zegen, a co-founder and managing principal of Madison Realty Capital, in a prepared statement. “These are well-located assets in hot neighborhoods, and we will look to unlock their potential through our actively managed platform.”
Concurrently, Madison Realty Capital announced it has realigned its branding under a single entity. The company will now manage its debt and equity investments under the brand Madison Realty Capital. Previously, the firm made equity investments through Silverstone Property Group, a wholly-owned affiliate.