Madison Realty Capital signs $105M refi for 14-unit condo project in Greenwich Village

Madison Realty Capital through the entity Fifth Avenue Owners Group LLC as borrower signed a refi loan with lender Deutsche Bank valued at $105 million for the 14-unit residential condominium building (D3) at 16 Fifth Avenue in Greenwich Village, Manhattan.

On the lot, there is one active new building construction project, 121206756, for a 14-unit, 82,298 square-foot residential (R-2) building. The project was submitted by Madison Realty Capital and filed by Allen Konstam with plans filed December 6, 2019 and permitted September 27, 2022. On the tax lot, the most recent condominium plan was filed by FIFTH AVENUE OWNERS GROUP LLC to create 14 residential units in a building at 16 Fifth Avenue in Greenwich Village, New York, called Sixteen Fifth Avenue Condominiumthat has a $291.1 million sellout, according to an May 06, 2022 submission to the New York State Attorney General. The principals of the sponsor, FIFTH AVENUE OWNERS GROUP LLC, were Brian Shatz and Joshua Zegen.
The deal closed on August 26, 2025 and was recorded on September 5, 2025. The prior lender was G4 Capital Partners which held debt that had an original loan amount of $105 million. The property has 69,623 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,508 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.)
The owner bought the property on February 6, 2015, for $27.5 million. The signatory for Madison Realty Capital was David Speiser . The signatory for Deutsche Bank was Christopher Harris and Mrinal Dansingani .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Zachary Kadden, head officer. The business entity is Fifth Avenue Owners Group Llc. The 69,623-square-foot property generated revenue of $4.6 million or $66 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 14 residential units in Greenwich Village has 69,623 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 100 feet deep with a total lot size of 5,255 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Greenwich Village Historic District. \

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 one DOB violation, $42,500 in ECB penalties, and $42,850 in OATH penalties in the last year.

Development

The block

On this tax block, PincusCo has identified the owners of 18 of the 43 commercial properties representing 394,037 square feet of the 636,478 square feet. The largest owner is Sol Goldman Investments, followed by Bd Hotels and then Lionheart Capital.
On the tax block, there was one new building construction project filed totaling 89,623 square feet. It is a 18-unit, 89,623 square-foot residential (R-2) building submitted by Madison Realty Capital and filed by Allen Konstam with plans filed December 6, 2019 and permitted September 23, 2022.

The majority, or 45 percent of the 636,478 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Madison Realty Capital owned at least 61 commercial properties with 2,705 residential units in New York City with 2,733,400 square feet and a city-determined market value of $375.9 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as Signature Bank, MF1 Capital, and Elliott Investment Management respectively. Within the portfolio, the bulk, or 72 percent of the 2,733,400 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 42 percent of the built space, is in Queens, with Manhattan next at 33 percent of the space.

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