Published On: Thu, Jul 24th, 2014

Zegen Pays $40M for Turtle Bay Apartment Building Citing Trendiness

361 East 50th Street

Joshua (Josh) Zegen’s Madison Realty Capital this week closed on a $40.2 million deal for a six-story residential building in Midtown Manhattan’s Turtle Bay, The Real Deal reported.

Zegen said the building has “considerable repositioning potential.”

The deal comes only a few days after Madison’s $30 million acquisition and $23.4 million sale in Harlem.

The newly purchased, 55, 500-square-foot property is at 361 East 50th Street. It has 43 residential units, seven commercial units and 150 feet of frontage on East 50th Street.

It has more than 45, 000 square feet of unused air rights, which the new investors could either turn into additional floors, or sell to developers of nearby buildings.

Aaron Jungreis of Rosewood Realty Group represented both Madison and Matthew Siler, the seller.

Zegen pointed out the new “trendiness” of Turtle Bay, noting that other developers, like Ziel Feldman’s HFZ Capital Group, are active in the neighborhood.

Madison plans to renovate several of the residential units, which range from studios to a five-bedroom penthouse, and position them as high-end apartments.

Since MRC’s inception, in 2004, Josh Zegen has been a member of its investment committee and closed in excess of $900 million in commercial real estate debt, comprising 173 discrete transactions.

Before he co–founded MRC, Zegen founded and was president of Alpine Commercial Capital, a mortgage advisory firm that has successfully closed over $500 million in real estate financing.

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