Madison Realty is permitted for a $900K rehab at 289-unit Buchanan in Midtown East

Madison Realty Capital, on June 24, received a permit for a $903,070 rehab of multiple floors at the Buchanan, at 160 East 48th Street in Midtown East.

The plans, pre-filed on January 27, 2020 by the management firm Patrinely Group, call for a rehab of seven floors of the 160-foot tall, 15-story, rental building with 289 units.

The project is described in the filings as: interior renovation of units 3J, 3R, 4P, 5R, 5T, 10P, 12F, 13P and 14J on construction floors 2, 3, 4, 9, 11, 12, and 13. Work to include the removal and installation of partitions, doors, and finishes as per plans filed. No change in use, egress or occupancy.

Crown Architecture & Consulting is the architect on record.

Madison Realty Capital, with USAA Real Estate Co. as an equity partner, purchased the Buchanan for $270 million in March of 2016. The building includes 16,000-square-feet of retail space.

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