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Repositioning of East Village Properties Complete

by admin on March 17th, 2013

Madison Advisory Group has completed the repositioning of 2 multi-family residential buildings.

According to Steven A. Kirschenbaum, principal of Madison Advisory Group, who directed the repositioning program of these 2 multi-family properties, “The repositioning program, which included a capital improvement program that comprised refacing of both buildings front facades, installation of new entrance ways, and redecoration of the entrance vestibules and common corridors. At one of the properties, the renovation work included the conversion of a former underutilized street level retail space into a full floor maisonette with access to the rear yard now converted to a garden, and the renovation and upgrade of various apartments. The repositioning program concluded with a leasing program that, over an 18 month period, resulted in a nearly 45% increase in rents. The properties are well positioned to be refinanced and take advantage of the historically low interest rate environment to unlock substantial equity to the owner group.”

About Madison Advisory Group LLC

The Madison Advisory Group LLC is a New York City-based commercial real estate advisory firm.  Founded in 2006, Madison Advisory works with private owners to acquire, develop and manage core and core-plus multi-family property investments in the New York City area.

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