4060 Broadway

Opportunity:

In September 2010, Madison acquired three defaulted mortgage loans secured by a portfolio of four mixed-use assets in the evolving Washington Heights neighborhood of Upper Manhattan. In April 2011 Madison secured the deeds to the three Broadway properties by negotiating a consensual, prepackaged bankruptcy with the mortgage borrower. Madison commenced a repositioning strategy of the Broadway properties which included the combining and releasing of vacant retail units, capital investment, and the renovation and releasing of residential apartments.