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Madison Realty Capital and USAA Real Estate Co have picked up the full-block building at 160 East 48th St, also known as The Buchanan. It’s a 16-story residential building with 16k SF of retail/office space, totaling 300k SF.
In December, The Real Deal reported that Madison was seeking a partner to pick up $100M of the $270M acquisition cost. The publication also reported that Madison’s plan was to buy out 51 of the building’s rent-stabilized tenants.
The sale marks the first time the 289-unit property, built in 1928, has changed hands in 64 years. Along with the sale comes 140k SF of usable air rights.
MRC and USAA plan to undertake a renovation of existing units, an upgrade to the physical plant and the addition of high-end amenities. The deal marks the second undertaken in the JV between the two firms, after they bought 361 East 50th St in June.
CBRE’s Darcy Stacom, Paul Leibowitz, Dave Krantz and Carl Shorett repped the seller.
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