Case Study

361 East 50th Street, Manhattan, NY

Investment Type: Acquisition of Fee Interest (Value-Add Strategy)
Property Description: Mixed-Use Property
Investment Amount: $40,200,000 (purchase price)

On June 30, 2014, Madison Realty Capital acquired the fee interest in 361 East 50th Street which is located in the Midtown east / Turtle Bay neighborhood of Manhattan. The six story building is comprised of approximately 55,500 SF which contains 43 residential units and 7 commercial units.

MRC intends to renovate and reposition the asset as a best-in-class multifamily building. The Property is located in a highly desirable residential and retail location within the Midtown East / Turtle Bay neighborhood of Manhattan.

The Property is within close proximity to major subway lines (4, 5, 6, E, M, and & 7 trains), is a few blocks north of the United Nations, and just east of Midtown Manhattan.