Madison Realty Capital acquires Soho dev site valued at $28M from Opal Properties

Madison Realty Capital through the entity Spring Street JV LLC acquired from Opal Properties’s 182-186 Spring Street Plaza LLC a development site with the parcels 190 Spring Street, 188 Spring Street, 186 Spring Street, 182 Spring Street in Soho valued at $28 million. The deal closed on June 12, 2020, and was recorded on August 24, 2020. Madison, founded by Josh Zegen and Brian Shatz, was Opal’s lender on the project in 2017.
The average sale price per development square foot is $737.

Madison Realty Capital took control of the development site owned by Opal Properties. Opal Properties in June 2017 bought the buildings for $31.56 million and planned to develop a 37,278-square-foot, mixed-use building. At the time Madison Realty Capital provided an acquisition loan with a first mortgage total of $18.3 million and a mezzanine loan of $5 million. Madison at the time in turn borrowed money from ConnectOne to finance that loan to Opal.

Shaya Prager of Opal was the owner representative for a 2017 alteration 1 filing to construct a building with 20 residential units, but the plan was disapproved that year and has never been permitted.

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