Joshua Zegen
Madison Realty Capital
520 Madison Ave Suite 3501New York, NY 10022
Madison Realty Capital portfolio
(NYC’s “Market Value,” 50% or less of actual value)
$448.9 million – elevator 52.0%, walkup 21.0%; Manhattan 50.0%, Brooklyn 26.0%
139th largest portfolio by dollar value
3,118,678 sqft – elevator 65.0%, walkup 11.0%;
99th largest by SF
73 properties – Manhattan 54%, Brooklyn 32%
85th largest
3,207 residential units – Brooklyn 39.0%, Manhattan 32.0%
52th largest by residential units
7 foreclosures, 4 bankruptcies, 6 other court cases.
Person Activity past 24 months:
Buyer signatory: 0 for $0
Seller signatory: 0 for $0
Borrower signatory: 2 for $194 million
Lender signatory: 1 for $16 million
Developer (new building or major alteration): 0 for 0 square feet
Top Ten Associated Companies:
Fortis Property Group (2), FTLP LLC (2), Apollo Global Management (1), Athene Annuity (1), Athora Holding (1), Conway Capital (1), ConnectOne Bank (1), MF1 Capital (1), Joel Zupnick (1), Anna Lo (1)
Top Ten Associated People:
Joel Kestenbaum (2), Adam Peldman (2), Jeffrey Horowitz (1), Sundip Kalley (1), Abe Richard Cohen (1), Jonathan Pfeil (1), Joel Zupnick (1), Anna Lo (1), Avi Matatov (1)
Recent activity as signatory:
• Optimum Asset Management borrowed $81.8 million from Zusatzversorgungskasse des Baugewerbes for 232 East Broadway, 228 East Broadway, and 226 East Broadway, Lower East Side, Manhattan on January 30, 2024.
• Joel Zupnick borrowed $16 million from Madison Realty Capital for 147-35 95th Avenue, Jamaica, Queens on October 20, 2023.
• Joel Zupnick borrowed $19.5 million from Levon Capital for 94-15 Sutphin Boulevard, Jamaica, Queens on October 19, 2023.
• Madison Realty Capital borrowed $189 million from MF1 Capital for N/A 70th Street, 46-10 70th Street, and 46-10 70th Street, Maspeth, Queens on October 16, 2023.
• Madison Realty Capital borrowed $5 million from ConnectOne Bank for 688 Broadway, NoHo, Manhattan on August 17, 2023.
• MAG Partners borrowed $145 million from Elliott Investment Management for 241-251 West 28th Street, Chelsea, Manhattan on June 30, 2023.
• Nahman Lichtenstein borrowed $64 million from Varde Partners for 867-875 4th Avenue, Greenwood Heights, Brooklyn on April 04, 2023.
• Madison Realty Capital sold 350 5th Street, Park Slope, Brooklyn for $3 million to Conway Capital on December 02, 2022.
• Madison Realty Capital borrowed $78.7 million from FTLP LLC for 91-95 Pacific Street, Cobble Hill, Brooklyn on November 18, 2022.
• Madison Realty Capital borrowed $72.5 million from FTLP LLC for 350 Hicks Street, Cobble Hill, Brooklyn on November 18, 2022.