Madison Realty pays $270m for Manhattan apartments
Madison Realty Capital is under contract to acquire a 17-story Midtown East apartment complex, The Buchanan, for $270 million. Real Capital Analytics lists the sellers as Cotsworld Group and David Tausik.
According to Real Capital Analytics, Madison is seeking a joint venture partner for the acquisition. The firm plans to renovate the property. A The Real Deal article Madison plans to buy out 51 of the rent-stabilized tenants, convert the 2,500-square-foot office to retail and re-lease the 13,600 square feet of existing retail.
The 297,703-square-foot property at 144 and 160 E. 48th St. has 289 apartments as well as 13,000-square-foot of retail space.
The Manhattan residential market has long been a gateway city for global investors’ capital. During the first three quarters of 2015, quarterly apartment tran