News February 21, 2020

A Pair of New York Penthouses Sells for $45 Million

The Wall Street Journal is reporting that the pair of penthouses at the 800-foot-tall Madison Square Park Tower have sold. With the $45 million sale, the tower is more than 90% sold, marking an important milestone for developer Ian Bruce Eichner. Mr. Eichner refinanced in 2018 to buy more time to sell the units, working with debt investment firm Madison Realty Capital to secure a $167.5 million inventory loan. This loan is just one of the many types of financing offered by New York-based MRC, which raised over $1.1 billion in its latest Debt Fund and recently opened offices in Los Angeles and Dallas.

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