525 West 22nd Street

Location:

New York, NY

Acquisition Date:

1995

Size:

100,000 square feet

Asset Type:

Residential and Retail

Opportunity:

The six-story, 100,000 square foot building was purchased for development at auction in 1995. After obtaining a zoning variance, a gut renovation of the property developed it into 30 luxury residential condominiums which were all sold in 1996. Madison Principals retained a 16,000 square foot retail condominium unit which is leased to four art galleries.