Kasowitz Client Madison Realty Capital Inks $270 Million Renovation Deal with USAA Real Estate Company

Kasowitz Client Madison Realty Capital Inks $270 Million Renovation Deal with USAA Real Estate Company

Kasowitz represented Madison Realty Capital (“Madison”), a leading real estate investment management firm, in the purchase of The Buchanan, a classic pre-war building in New York City, for approximately $270 million.  Madison, in a partnership with USAA Real Estate Company, plans to renovate the 16-story midtown Manhattan apartment building by enhancing operating efficiencies and creating a high-end amenity package.

The Buchanan is located at 160 E. 48th Street, New York, New York, and includes five interconnected towers surrounding a garden courtyard with approximately 300,000 square feet of mixed-use space, including 16,000 square feet of retail and office space and 140,000 square feet of unused air rights.

Partner Douglas B. Heitner, special counsel Sander Ash, and associate Jessica Wald represented Madison.