March 8, 2016
Madison Realty Capital in New York City has partnered with San Antonio, TX-based USAA Real Estate Co. to acquire the 300,000-square-foot, mixed use Buchanan for $270 million. The buyers are the property’s fourth in its almost 90 years of existence.
Harrison, NY-based Rao & Rao LLC sold the property at 160 E. 48th St.
The building, which opened in 1928, consists of five inter-connected mid-rise towers, 289 apartments, and approximately 16,000 square feet of office and retail space. Additionally, the property has about 140,000 square feet of excess air rights.
The new owners plan a capital improvement plan, focused on renovating existing residential units and creating a high-amenity package.