2013-03-18 15:07:31 - Madison Advisory Group has completed the renovation and releasing program of 2 multi-family residential buildings in the East Village section of Manhattan.
Madison Advisory Group has completed the re-positioning of 2 multi-family residential buildings.
According to Steven Kirschenbaum, principal of Madison Advisory Group, who directed the re-positioning program of these 2 multi-family properties, “The re-positioning program, which included a capital improvement program that comprised refacing of both buildings front facades, installation of new entrance ways, and redecoration of the entrance vestibules and common corridors. At one of the properties, the renovation work included the conversion of a former underutilized street level retail space into a full floor maisonette with access to the rear yard now converted to a garden, and the renovation and upgrade of various apartments. The re-positioning program concluded with a leasing program that, over an 18 month period, resulted in
a nearly 45% increase in rents. The properties are well positioned to be refinanced and take advantage of the historically low interest rate environment to unlock substantial equity to the owner group.”
Madison Advisory Group LLC is a New York City-based commercial real estate advisory firm. Founded in 2006, Madison Advisory works with private owners to acquire, develop and manage core and core-plus multi-family property investments in the New York City area.
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About Steven Kirschenbaum:
Steven Kirschenbaum serves as an advisor to real estate owners for the past 25 years in all aspects of the acquisition, development, construction, management, leasing and sales of multi-family residential properties. He received a law degree from the University of Toledo College of law and Brooklyn Law School and an undergraduate degree from the School of Management (now known as the Whitman School of Management) at Syracuse University.
Learn more about Steven Kirschenbaum at www.stevenkirschenbaum.com