Madison Realty Capital signs $104.8M refi for 419-unit rental in Rego Park

Madison Realty Capital through the entity 62-60 99th Street Owner II LLC as borrower signed a refi loan with lenders Community Preservation Corporation and Related Companies through the entity Sig RCRS D Mf 2023 Venture LLC valued at $104.8 million for the 419-unit residential elevator building (D7) at 62-60 99th Street in Rego Park, Queens.
The deal closed on June 11, 2026 and was recorded on June 22, 2026. The prior lenders were Community Preservation Corporation and Related Companies which held debt that had an original loan amount of $105 million.

The property has 503,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $208 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Madison Realty Capital bought the property on June 30, 2016, for $$135.5 million. The signatory for Madison Realty Capital was David Speiser . The signatory for Community Preservation Corporation and Related Companies was Robert Riggs .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Zachary Kadden , head officer and Musa Lekperic, site manager. The business entities are HSC Management Corp., Amo and 62-60 99th Street Owner Ii Llc. The 503,000-square-foot property generated revenue of $11.2 million or $22 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 419 residential units in Rego Park has 503,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 310 feet and is 258 feet deep with a total lot size of 83,929 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $46.1 million. The property has 386 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,400 in ECB penalties, 56 housing violations, $2,500 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 503,000 square feet of the 507,905 square feet. The identified owner is Madison Realty Capital.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 507,905 square feet of built space are elevator buildings, with retail buildings next occupying 1 percent of the space.

The borrower

The PincusCo database currently indicates that Madison Realty Capital owned at least 62 commercial properties with 2,973 residential units in New York City with 2,642,128 square feet and a PincusCo-determined asset value of $1.6 billion. The portfolio has $1.6 billion in debt, with top three lenders as Signature Bank , MF1 Capital, and TPG Angelo Gordon respectively. Within the portfolio, the bulk, or 68 percent of the 2,642,128 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Manhattan next at 30 percent of the space.

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