NEW YORK CITY—Scoring a win for its value-add investmentstrategy, Madison Realty Capital has sold a multifamily tower onthe Upper West Side for more than double its purchase price,GlobeSt.com has learned EXCLUSIVELY. The valuespike came after a renovation that also allowed the firm totransact on the property well ahead of schedule. Both the buyer,who was undisclosed, and the seller were represented by JoshGoldflam of Highcap Group.
Initially bought by Madison Realty for just over $7 million inan off-market transaction during 2012, the firm sold 150 W.84th St. for $12.3 million. Additionally, the companyexpected to hold onto the asset for up to five years but insteadput it on the market two years after the acquisition.
The firm has been renovating and repositioning the property forthe past two years. That effort has paid off, Josh Zegen,co-founder and managing principal, tells GlobeSt.com. “We feltstrongly that our aggressive renovation plans would enhance thelong-term value of this property."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
