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MADISON TAKES OWNERSHIP OF 364 BAY STREET ON STATEN ISLAND

NEW YORK CITY — Through foreclosure proceedings, Madison Realty has taken ownership of 364 Bay St., a stalled 55,000-square-foot retail center near the St. George waterfront. The firm plans to finish and lease the two-story retail project, which is slated for completion by the end of 2013. Madison purchased the defaulted first mortgage note and second mortgage note with an unpaid principal balance of $2.9 million from a local bank. The previous owner had acquired the land for $4.5 million and had spent an additional $2.5 million on improvements when construction was halted during the downturn. When Madison completes the project, the property will feature more than 40,000 square feet of retail space.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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