Madison Realty Capital Acquires Development Site In SoHo For $28M

A development site located at 182-190 Spring St. in SoHo has been sold in a recent transaction. The property, which spans approximately 37,730 square feet, was sold for a price of $28,000,000. The buyer of the site was Madison Realty Capital, while the seller was Opal Properties. The previous sale of the property took place in August 2017 for a price of $8,000,000.

Summary of transaction details

• Property Type: Development site
• Transaction Amount: $28,000,000
• Address: 182-190 Spring St.
• Market: SoHo
• BSF: 37,730 (approx.)

This deal was facilitated by Madison Realty Capital, who represented the buyer in the transaction. Opal Properties, on the other hand, was represented by their own broker representative. The property is zoned as R7-2, C1-5 and has a FAR of 3.44 for residential use.