The site of the former church at Madison/126th Street is being promoted as an investment opportunity. No word on the price.
Prime 80,000+ ZFA Multifamily Development Opportunity Vested in 421-a Corner of Madison Avenue and East 126th Street
Newmark is pleased to present the opportunity to acquire a prime development site located at 1975 Madison Avenue (“1975 Madison”, the “Site”, “Project”, or “Development”), a proposed eight-story, 93-unit luxury multi-family rental or residential condominium complex with approximately 35 underground parking spaces and approximately 3,500 square feet of premier community facility commercial space, in a rapidly improving, transit-oriented location. The Site offers potential investors a compelling opportunity to develop a boutique, luxury residential property in a prime location with high demand and the potential for significant capital appreciation.
Vested in Affordable New York / “421-a” Providing a 35-Year Property Tax Abatement•The Project satisfied all requirements for the Affordable New York / “421-a” tax abatement program in May 2022•Extensive evidence of satisfying these conditions is available•The Project is thus eligible for the program that expired in June 2022 and will enjoy a 100% property tax abatement for the first 25 years of occupancy and a partial abatement for the subsequent 10 years•As one of the city’s last projects eligible under the expired program, 1975 Madison Avenue will enjoy a significant financial advantage to long term holders of the asset•As of today, no replacement program exists replacing 421-a, further constraining the supply of multifamily housing Shovel Ready 1975 Madison is ready to commence construction with:•Approved plans•Advanced entitlements•Required access Multi-Family Development Site in Manhattan, Facing Critical Housing Shortage•Demand to live in Manhattan remains robust with rents achieving new high prices, including in Harlem•The Project provides an opportunity to access one of the world’s most desirable investment markets that faces continued housing supply constraints•The tax advantages secured by the Project offer significant financial advantages, particularly to long-term holders of the asset If you are interested in acquiring this prime development opportunity, please sign and return the attached Confidentiality Agreement and the full offering memorandum will be forwarded to you. Ronald A. Solarz Executive Managing Director O (212) 372-2306 | Ron.Solarz@nmrk.com M (917) 545-8862
Metropolitan Hospital and Nursing Burnout and Shortages
Our district leader William Smith also serves as the chair of the Metropolitan Hospital’s Community Advisory Board. In that capacity, William writes of the dire need for adequate compensation for Metropolitan’s hard-working nursing staff so Metropolitan can deliver world-class care.
If you’re experiencing symptoms and don’t know what you have, now you can go to any of dozens of mobile “Test to Treat” sites around NYC and get tested for covid, flu & rsv AND if you need it get an Rx for paxlovid or tamflu *on the spot*.
