MRC, RWN ACQUIRE TWO HARLEM PROPERTIES FOR $30M

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NEW YORK CITY — Madison Realty Capital (MRC) in partnership with RWN Real Estate Partners has acquired 2053 Frederick Douglass Boulevard and 300 West 112th Street in Harlem for $30 million. The two five-story mixed-use buildings offer of total of 55,000 square feet, including 50 residential units and two retail units totaling 3,750 square feet. Additionally, the properties offer 30,000 square feet of additional residential development rights. The buyers plan to renovate both properties to maximize rents, lease vacant units and explore the potential of future development. Steven Schultz and Josh Malka of NGKF Capital Markets represented both parties in the off-market transaction.

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