NEW YORK CITY-The condominium crash of 2008 that hit gentrifying neighborhoods such as Williamsburg, Brooklyn and Long Island City, Queens are beginning to stabilize, as new investors continue to pour capital into stalled or foreclosed multifamily properties. The latest company rescuing a site from real estate limbo is Madison Realty Capital, a Manhattan-based institutional investor, who has resolved a troubled situation at 385 Union Ave., purchasing the note and the deed on the six-story, 53,000-square foot condo property for $21.5 million, or $458,511 per unit.

Josh Zegen, co-founders and managing member of MRC, says the transaction concluded in less than 30 days on a “very attractive basis” and “well below” replacement costs. “Going forward, we expect that our vertically integrated platform, which incorporates debt, equity and development expertise, will unlock the true value of this fundamentally strong piece of real estate,” he says, in a statement.

The 47-unit property – which is now 97% occupied – was originally owned by Anshel Friedman, Pincus & Joseph Freund, according to property records from Real Capital Analytics. In 2009, the previous owner had defaulted on its construction financing, and subsequently, the property was placed in receivership after the original lender filed a foreclosure auction.