Midwood Investment & Development Acquires Manhattan Property
The New York-based firm has purchased a 8,500-square-foot, mixed-use building located at 829 Madison Ave.
NEW YORK, NY – New York-based, Midwood Investment & Development has acquired a 8,500-square-foot, mixed-use building in Manhattan for $17 million.
The acquired property is located at 829 Madison Ave., on the Northeast corner of 69th St. and Madison Ave. in Manhattan’s Upper East Side neighborhood.
Midwood Investment & Development plans to renovate the property’s ground floor retail space by combining the first and second floors and replacing the storefront on Madison Ave. The property is additionally tenanted by the French bistro Le Charlot at 19 E. 69th St.
The national real estate investment and development firm purchased the property in an off-market transaction. The transaction was brokered by Collaborative Group NYC’s Andrew Natter and Hal Fuchs.
“We are big believers in New York City in the long-term and are actively acquiring high-quality multifamily and retail assets,” says Teodora Zobel, chief investment officer at Midwood Investment & Development. “We’re excited to expand our portfolio to include this prime Madison Avenue property. Our immediate plans are to create a new storefront in line with premier retailers’ standards.”