Madison Realty Capital pays $31M to Opal Holdings for development site in East Village

Madison Realty Capital through the entity 644 East 14th Street Owner LLC paid Shulamit Prager’s Opal Holdings’s 644 E 14th Realty LLC $31.3 million for 644 East 14th Street also known as 223 Avenue C in the East Village. The deal closed on April 29, 2020, and was recorded on May 8, 2020. The transaction consists of 1 parcel, a vacant development site.

Billionaire Marc Rowan’s RWN Management, through its RWN Real Estate Partners, provided debt for the purchase.

Madison Realty Capital took ownership of a parcel where it lent $52 million to Opal. Opal bought the parcel in June 2016 for $23 million, then borrowed $52 million from Madison Realty Capital. The contract date was April 29, 2020, the same date as the sale. Madison Realty has sought to buy additional air rights for the parcel.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 63,932 square feet. Those plans include a total of 50 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
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