Madison International takes stake in L+M s East Village rental Building is valued at $50 million

Ronald Dickerman, Ron Moelis and上海千花网交友

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342 East 8th Street

Madison International Realty has picked up a stake in an East Village property owned by L+M Development Partners, in a deal that values the rental building at $50 million.

The company replaces another investor in the seven-story building at 342 East 8th Street, the NYAH Preservation Fund, according to documents filed with the city s Department of Finance on Wednesday. The fund was launched in 2010 by L+M and Citi Community Capital and was part of a joint-venture that bought into the 79-unit building with L+M back in 2016.

The details of Madison s investment were not上海龙凤论坛sh1f

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immediately available. Representatives for L M declined to comment. Madison president Ronald Dickerman declined to disclose the value of his上海贵族宝贝论坛

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company s stake but confirmed the deal.

The company purchased a stake in the Paulus Hook Apartments in Jersey City, which are爱上海龙凤419桑拿

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partly owned by L M. He said the company s replacing an institutional investor on that property and will likely have a role in a new tower planned for a garage nearby.

L M co-developed the East Village building with BFC Partners in the early 2000s, completing the project in 2002. L M bought out BFC in 2016, paying $44 million. The building, which sits at Avenue C and East 8th Street, has a mix of market-rate units and affordable housing and retail at its ground floor. The owners do not appear to have plans to make any changes to the building in the immediate future.

Tags: Commercial Real Estate, L + M Development Partners, madison international realty
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