Ronald Dickerman’s Madison International Realty pays $15M to Urban American Management for multifamily property in Belle Harbor

Ronald Dickerman’s Madison International Realty through the entity 122-20 Ocean Promenade Owner, LLC paid Urban American Management’s 122-20 Ocean Promenade Partners LLC $14.5 million for 122-20 Ocean Promenade in Belle Harbor. The deal closed on December 20, 2019, and was recorded on January 13, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 72 residential units. The property is 64,920 square feet. The parcel(s) have total development potential of 67,980 square feet.
The sale price per unit is $201,389.

This sale is part of a larger $275 million sale of 1,400 apartments in New York City and Westchester. So far, Madison International has recorded the purchase of $162.6 million properties with 723 apartments, according to an analysis by PincusCo which includes this transfer. The last time this property sold was September 17, 2009, for $7,585,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $638,155.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link