Josh Zegen, co-founder and managing principal of Madison Realty Capital Josh Zegen, co-founder and managing principal of Madison Realty Capital

NEW YORK CITY—A stalled residential project on the Lower East Side appears to be moving ahead thanks to new ownership and nearly $54 million in acquisition and construction financing.

Madison Realty Capital reports it has provided New Empire Real Estate Development with $53.5 million in acquisition and construction financing for a residential condominium project to be developed at 208 Delancey St. here. Delancey Bridge Tower recently sold the property for approximately $30 million to New Empire Real Estate Development, according to multiple published reports.

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