Case Study

224 Richmond Terrace, Staten Island, NY

Investment Type: Note Acquisition
Property Description: Mixed-Use Building
Investment Amount: $12,640,000 UPB

On May 24th, 2012, Madison Realty Capital acquired a non-performing senior note collateralized by 224 Richmond Terrace located in the Saint George section of Staten Island. The Property is an eleven story mixed-use building containing 60,000 gross square feet with 40 residential units and 3 retail units.

224 Richmond Terrace, known officially as “The View,” rises 11 stories above the waterfront and features unobstructed views of the Manhattan skyline and the Statue of Liberty. The original owner planned the property as a condominium, but defaulted on its construction financing in 2009, after which the original lender filed a foreclosure action.

In July 2012, MRC took title to the property by completing foreclosure proceedings. The property is currently managed by MRC’s internal property management group.