Madison International Realty pays $39.9M to Urban American for rentals as part of larger $275M buy

Ronald Dickerman’s Madison International Realty pays $39.9M to Urban American Management for rentals in Canarsie and Astoria which are part of a larger $275 million acquisition in New York City and Westchester. Urban American retains operations and also a stake in the structure.

There were two sales recorded yesterday.

In the first, Madison International Realty through the entity 1625 Rockaway Parkway Owner, LLC paid Urban American Management’s 1625 Rockaway Parkway, LLC $25.3 million for 1625 Rockaway Parkway in Canarsie. The deal closed on December 20, 2019, and was recorded on January 9, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 153 residential units. The property is 133,326 square feet. The parcel(s) have total development potential of 133,326 square feet.
The sale price per unit is $165,359.
The last time the property sold was June 7, 2011, for $14,538,862.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Madison International Realty through the entity 31-49 29th Street Owner, LLC paid Urban American Management’s 31-49 29th Street, LLC $13.6 million for 31-49 29th Street in Astoria. The deal closed on December 20, 2019, and was recorded on January 9, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 49 residential units. The property is 30,440 square feet. The parcel(s) have total development potential of 37,440 square feet.
The sale price per unit is $277,551..
The last time the property sold was December 29, 2010, for $7,525,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link