Madison Realty sells stake in Sunset Park site to New Gables Capital for $41.6M

New Gables Capital Ngc Sy Mezz, LLC acquired an interest from Madison Realty Capital through the entity 341-353 39Th Street Holdings Ii, LLC valued at $41.6 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 341 39th Street in Sunset Park. The deal closed on April 13, 2021 and was recorded on April 16, 2021.
The property contains a total of 163,840 square feet of built space.
Florida-based New Gables Capital is led by Eyal Alfi.  The last time the property sold was July 8, 2016 for $37,600,000.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $8,563,500.0. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,126,891.

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