NEW YORK CITY—Madison Realty Capital reports ithas acquired 421 West 21st St., a six-storymultifamily elevator building in West Chelsea, for $21.75million.
The real estate investment firm acquired the 30,421 square-footproperty in an off-market transaction. The building, originallyconstructed in 1950, contains 36 units and has been family-owned bythe seller since 1995, Madison Realty Capital officials say. Theproperty features 11 large studios and 25 one-bedroom units, witheight units in the building currently vacant and an additional fiveleases for units set to expire within one year.
MRC says it intends to pursue a comprehensive value orientedcapital expenditure program in order to reposition and modernizethe property, which includes renovating vacant units into high-endluxury units, enhancing the lobby, hallways and elevator, andimproving the overall operating efficiency of the property.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
