In the latest example of the unrelenting strength of Manhattan’s multifamily market, Invesco Real Estate, on behalf of a client, has purchased the Madison Belvedere -- a 50-story class A rental tower in the heart of hot Midtown South district -- in a sales transaction brokered by international commercial real estate services firm Studley.
The property, located at 10 East 29th Street, between Fifth Avenue and Madison Avenue, is steps away from the city’s best offerings, including Madison Square Park, the place-making Ace and NoMad Hotels, the rooftop at the Gansevoort Hotel, Eataly and nearly 20% of Zagat’s highest rated restaurants.
“Multifamily continues to be the most sought after property type, and New York is one of the most desired markets due to the perception of infinite tenant demand,” stated Woody Heller, Executive Managing Director and head of Studley’s Capital Transaction Group.
The seller in the transaction was Rose Associates, which had developed the 293,000-square-foot residential tower in 1998, one of the tallest newly constructed multifamily assets in Manhattan.
“We are very proud to have created such tremendous value at the Madison Belvedere, and contributed so substantially to the growth and emergence of this hot new neighborhood,” stated Adam R. Rose, co-President at Rose Associates.
Mr. Heller, together with Will Silverman, Eric Negrin and Daniel Parker of Studley’s Capital Transactions Group, represented the seller in the sale.
The sweeping 404-unit luxury building offers studios, alcove studios, one and two-bedroom units, with amenities including a rooftop terrace with panoramic views in all four directions, a 24-hour doorman, a state-of-the-art fitness center and washer/dryers on every floor.
According to Mr. Silverman, a Studley Senior Managing Director, the Madison Belvedere “appeals to a new generation of moneyed professionals that can afford to live anywhere in New York City, but chooses NoMad and the Flatiron District for its lifestyle, space and convenience.”