Madison Realty Capital Provides $16.25M First Mortgage Loan to Recapitalize Commercial Condominium in Chinatown

NEW YORK, June 23, 2016 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $16.25 million loan to recapitalize a 26,965 square foot retail condominium located at 68 Elizabeth Street in the Chinatown neighborhood of Manhattan.  Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement.

The retail condominium is located on the lower floors of an 81,961 square foot, eight-story mixed-use building with 81 residential condominium units on the upper floors.  The retail space, currently occupied by Hong Kong Supermarket and Salon De Tops, has 175 feet of frontage along Elizabeth Street and another 100 feet of frontage along Hester Street.

"Chinatown is increasingly attractive to many retailers, who are drawn by the combination of high residential density and abundant tourist traffic," said Josh Zegen, Co-Founder and Managing Principal of MRC. "We're pleased to provide financing to one of our repeat borrowers to recapitalize this well-located, high quality retail asset."

Located on the northeast corner of Elizabeth Street and Hester Street in Manhattan, the building was originally constructed in 1929 as a two story building, and later expanded to its existing size in 1988. The current mixed-use property includes the retail condominium, residential lobby and vestibule on the first floor, and the residential condominium units on the second through seventh floors.  

The surrounding neighborhood offers an abundance of restaurants, shops, and entertainment venues.  Chinatown borders several other attractive and popular areas of Manhattan, including Tribeca, Little Italy, and Soho.

About Madison Realty Capital (MRC)

MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market.  Founded in 2004, MRC has invested in approximately $4.5 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.

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SOURCE Madison Realty Capital

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