Alex Sapir and Rotem Rosen have teamed through their Israeli company ASRR Capital to acquire a townhouse located at 218 Madison Avenue in Manhattan for $18.5 million. They plan to tear it down and build a 10 story luxury residential building in its place.
ASRR partnered with the Suzar Family’s Turkish consortium the Suzer Group on the acquisition.
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The New York Post reported that the plan of the venture is to develop 10 high-end, full-floor apartments, private underground parking, and a gym and spa for residents along with retail and a restaurant led by an important chef.
Sapir and Rosen already own three other properties on Madison Avenue, 260, 261 and number 11.
Located at the corner of East 36th Street, 218 Madison was built in 1820 and has 4 stories.
