42nd Street Retail & Entertainment Complex

42nd Street Retail & Entertainment Complex

New York, NY

Atlantic Terminal

NYC Core Retail Portfolio

Property Summary

Type: Class A Retail Portfolio
Office Location: NYC Metropolitan Area
Size: 15 properties (2,649,909 square feet)

Acquisition Summary

Capital Invested: $180 million
Ownership Interest Acquired: 49%

Transaction Summary

Madison acquired a 49.0% equity interest in 15 core retail properties in and around New York City. The portfolio contains 2.6 million square feet of retail space located in Manhattan, Brooklyn, Queens, The Bronx, Staten Island, and Hudson County, NJ. The sponsor, Forest City Enterprises, Inc., sought to monetize a portion of its embedded equity to generate liquidity on its balance sheet and position the company for future growth. Bringing on Madison as a medium term joint venture partner allowed the sponsor to monetize equity while also maintaining maximum flexibility for their longer term ownership plan for the portfolio.

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