NEW YORK, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has originated a $26.5 million loan to Forkosh Development Group for the pre-development of a luxury condominium on the Upper East Side of New York City.
Located at 305 East 61st Street in Manhattan, the condominium will offer approximately 36 residential units, 3,847 square feet of ground floor retail and 4,333 square feet of mezzanine retail space. The building will include a unit mix of studios, one-bedroom units, and two-bedroom units, and will offer curated amenities including resident pools, a fitness and yoga center, a lounge, and onsite parking.
“The condominiums at 305 E 61st Street meet the strong demand for high-end residential projects on the Upper East Side, drawing on the unmatched charm and versatile location of the neighborhood,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Forkosh Development Group has over 25 years of experience as a developer, and we are pleased to leverage our expertise investing in Manhattan to provide them with competitive financing.”
Sam Spinner of Battery Park Group, who brokered the transaction, added, “Madison Realty Capital’s deep familiarity with the Upper East Side and New York City made them the right choice to deliver a customized financing solution to our client. Madison Realty Capital’s professional team understood the borrower’s needs and quickly executed with certainty.”
Madison Realty Capital has significant experience investing in Manhattan luxury residences, most recently providing a $100 million loan to a development group comprised of Charles Blaichman, Scott Shnay and Abram Shnay of CBSK Ironstate and Arel Capital for the completion of a 13-unit luxury residential property, designed by Robert A. M. Stern Architects, located at 1228 Madison Avenue in the Upper East Side of New York City.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
