NC-based Madison Capital Group pays $13M for storage in Bloomfield

The Charlotte, North Carolina-based Madison Capital Group through the entity SFG Isf Staten Island Forest, LLC paid $13 million to Forstat Associates, L.P. for the storage (E7) property at 2577 Forest Avenue in Bloomfield, Staten Island.
The deal closed on October 21, 2021 and was recorded on December 20, 2021.
The property has 76,000 square feet of built space and 482,384 square feet of additional air rights for a total buildable of 557,670 square feet according to PincusCo analysis of city data. The sale price per built square foot is $171 and the price per buildable square foot is $23 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 Capital Group is a private equity real estate investment company based in Charlotte, North Carolina, focused on multifamily and storage, according to its website.

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