Madison Realty Capital In partnership with Arel Capital have picked up a mixed use building in Rego Park, Queens for $135.5 million. The acquisition, Saxon Hall, is a 503,000 sqf mixed-use building with 419 residential rental units, 3,842 sqf of commercial space and a full-service parking garage with over 200 parking spaces. Located at 62-60 99th Street, the building and parking garage traded for just under $270 per sqf. MRC plans a comprehensive capital improvement program for the property, including renovating and reconfiguring the residential units.
“Our acquisition of Saxon Hall illustrates our ability to utilize local market knowledge to identify attractive investment opportunities in emerging neighborhoods,” noted Josh Zegen, Co-Founder and Managing Principal of MRC.“Rising rents in other city submarkets have increased the appeal of Rego Park over the last few years. Saxon Hall is a unique property with great long-term potential, and we seized the opportunity to acquire it when the investment became available. We are thrilled to close the acquisition and look forward to implementing our capital improvement plan, which we believe will add substantial value and enhance the resident experience.”
