March 8, 2016 Comments Off on Mixed-Use Buchanan Sells to JV for $270M Views: 408 California News, National News, New York News, Northeast, Southwest, Texas News

Mixed-Use Buchanan Sells to JV for $270M

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.

Read More at PR Newswire

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