Madison Realty Capital Provides First Mortgage Loan for 72nd St. Conversion in Manhattan

The five-story Vanderbilt Mansion is ready for redevelopment into a 7-story, 18,412-square-foot property encompassing three luxury condominium units.
The Vanderbilt Mansion, 39 E 72nd St, Manhattan, New York

The Vanderbilt Mansion, 39 E 72nd St, Manhattan, New York

New York—Real estate investment firm Madison Realty Capital (MRC) recently announced it has provided a $30 million first mortgage loan for the redevelopment of the Vanderbilt Mansion, a historic townhouse located at 39 E 72nd St. in Manhattan’s Upper East Side.

With the new financing in place, the five-story, 13,310-square-foot townhouse is ready to be redeveloped into a 7-story, 18,412-square-foot property encompassing three luxury condominium units.

The townhouse was built in 1881 and draws its name from having once been home to artist, actress, and socialite Gloria Vanderbilt. The last time the property changed hands was in April 2014 when the current owner, listed only as 39e72 LLC, acquired the property from Mangold Realty Partnership. The 2014 price tag was $19 million, financed by a previous loan through MRC.

“The Vanderbilt Mansion is a prominent Manhattan townhouse and the opportunity to reposition such an extraordinary structure in one of the most desirable neighborhoods in the country is rare.  The loan we are providing will allow the borrower to maintain the property’s historic features while updating the units with modern finishes. Our familiarity with the borrower and the neighborhood also allowed us to structure a deal that made sense for all involved,” said Josh Zegen, co-founder and managing principal of MRC, in a prepared statement.

Image courtesy of Property Shark