NEW YORK CITY—Continuing its busy streak, Madison Realty Capital has purchased of 361 East50th Ave. in an off-market transaction valued atapproximately $40 million. Aaron Jungreis of Rosewood RealtyGroup represented both the buyer and seller in the transaction.
The 55,501-square-foot mixed-use property has been family-ownedby the seller since it was first built in the 1940s. The six-storybuilding includes 43 residential units, seven commercial units andan additional 45,549 square feet of air-rights for furtherresidential development.
It also features 85 feet of frontage along East 50th streetalong with 150 feet of frontage along First Avenue. The propertyhad a number of vacant units at close, making it ideal from arepositioning standpoint, MRC officials note.
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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.
