New York, NY
Investment Type: Condo Inventory
Property Description: Residential Co-op
Loan Amount: $100MM
Madison originated a $100MM first mortgage loan collateralized by the leasehold interest in a 13-unit, 51,222 NSF luxury residential co-operative project located at 1228 Madison Avenue in the Upper East Side neighborhood of New York, NY
The Property was designed by world-renowned architect Robert A.M. Stern and offers best-in-class residential product located in one of the most desirable corridors of Manhattan
The sponsor presold four of the thirteen available units, all of which were put under contract post-covid. The sales include both penthouse units, representing the continued demand for best-in-class luxury residential product in New York City.