Madison International Realty pays $19M to Urban American for property in Astoria as part of $275M sale

Ronald Dickerman’s Madison International Realty through the entity 29-07 31st Ave/30-93 29th St Owner, LLC paid Urban American Management’s 29-07 31st Avenue/30-93 29th Street, LLC $18.9 million for 29-07 31st Avenue, 30-95 29th Street in Astoria. The deal closed on December 20, 2019, and was recorded on January 10, 2020. The transaction consists of 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 73 residential units. The property is 22,536 square feet. The parcel(s) have total development potential of 46,976 square feet.
The sale price per unit is $258,904.

This is part of a larger, $275 million acquisition and recapitalization by Madison of the 1,400-unit Urban American portfolio, with properties in New York City and Westchester. Urban American retains a stake and management control of the portfolio. So far, Madison International has recorded the purchase of $148.1 million properties with 651 apartments, according to an analysis by PincusCo which includes this transfer. The last time this property sold was December 29, 2010, when Urban American bought it for $9,950,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $29,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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