Madison International Realty pays $51M to Urban American for three multifamily properties in NYC

Ronald Dickerman’s Madison International Realty paid $51M to Urban American Management for three apartment buildings in Queens and Manhattan.

In the largest of the three transactions, Madison International Realty through the entity 25-21 31st Avenue Owner, LLC paid Urban American’s 25-21 31st Avenue, LLC $20.7 million for 25-21 31st Avenue in Astoria. The deal closed on December 20, 2019, and was recorded on January 2, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 101 residential units. The property is 49,386 square feet. The parcel(s) have total development potential of 49,386 square feet.
The sale price per unit is $204,950..

The last time this property sold was December 29, 2010, when Urban American bought it for $12,625,000.

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

In the second transaction, Ronald Dickerman’s Madison International Realty through the entity 25-74 33rd Street Owner, LLC paid Urban American Management’s 25-74 33rd Street, LLC $16.6 million for 25-74 33rd Street in Astoria. The deal closed on December 20, 2019, and was recorded on January 2, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 60 residential units. The property is 46,584 square feet. The parcel(s) have total development potential of 46,584 square feet.
The sale price per unit is $276,667..

The last time the property sold was October 13, 2010, for $8,482,000.

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 $72,900.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third transaction, Ronald Dickerman’s Madison International Realty through the entity 106 Fort Washington Owner, LLC paid Urban American Management’s 106 Fort Washington, LLC $13.3 million for 106 Ft Washington Avenue in Washington Heights. The deal closed on December 20, 2019, and was recorded on January 2, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 69 residential units. The property is 71,166 square feet. The parcel(s) have total development potential of 101,018 square feet.
The sale price per unit is $192,754..

The last time the property sold was June 3, 2010, for $8,856,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $438,026.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link