NJ-based Three Pillars pays $15.3M to Madison Realty Capital for stalled site in Washington Heights
4452 Broadway and 44 Fairview Avenue (Credit - Cyclomedia) (1)
New Jersey-based Three Pillars through the entity Mb 4452 LLC paid $15.3 million to Madison Realty Capital through the entity 4452 Broadway Owner LLC for the 129-unit stalled development project at 4452 Broadway in Washington Heights, Manhattan and the adjacent development site (V1) at 44 Fairview Avenue in Washington Heights, Manhattan. The expected use is new development.
This property was formerly owned by HAP Investments which lost it to Madison Realty Capital after filing bankruptcy.
The deal closed on September 4, 2025 and was recorded on September 11, 2025. The two properties have 109,528 square feet of built space and 55,786 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $139 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 signatory for Madison Realty Capital was Zachary Small . The signatory for Three Pillars was Eli Stoll . The contract date was March 18, 2025.
The New York Business Journal first reported Three Pillars was the buyer yesterday.
Prior stories:
• HAP Investments puts Washington Heights project in bankruptcy with $48M debt (November 17, 2023)
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Three Pillars had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Madison Realty Capital purchased five properties in four transactions for a total of $134.6 million and sold 12 properties in 12 transactions for a total of $232.7 million over the same time period.
Violations and lawsuits
The properties were involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on November 16, 2023, by HAP Investments and Nir Amsel citing assets of $48 million. In addition, according to city public data, the properties have received one DOB violation, $93,125 in ECB penalties, and $101,905 in OATH penalties in the last year.
Development
On these lots, there is one active new building construction project, 123366302, for a 129-unit, 86,760 square-foot R-2 building. The project was submitted by HAP Investments and filed by Eran Polack with plans filed May 8, 2018 and permitted December 6, 2019.
The block
On the tax block of 4452 Broadway, PincusCo has identified the owners of 48 of the 88 commercial properties representing 1,793,683 square feet of the 2,638,389 square feet. The largest owner is Pinnacle Group, followed by Gp Properties and then Madison Realty Capital.
On the tax block, there were five new building construction projects totaling 284,464 square feet. The largest is a 123-unit, 135,361 square-foot residential (R-2) building submitted by Woody Victor with plans filed October 4, 2017 and it has not been permitted yet. The second largest is a 129-unit, 86,760 square-foot residential (R-2) building submitted by HAP Investments and filed by Eran Polack with plans filed May 8, 2018 and permitted August 20, 2019.
The majority, or 64 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.
The seller
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.
Direct link to Acris document. link