West Broadway Portfolio

Opportunity:

Madison Principals recognized an opportunity to create value by upgrading the property, removing and releasing below market rate retail and residential tenants and increasing revenue through underutilized building components. In addition, the partnership understood the inherent value of owning property in the rapidly gentrifying SoHo area of Manhattan with a “buy and hold” strategy. The property was purchased from a broken partnership in July 1997. After closing, the partnership succeeded in buying-out several below-market retail and residential tenants and re-leasing the spaces at higher rents. 10 of the 19 apartments in the property were re-tenanted to increase the rental revenue significantly. The property was sold in June 2003.