NEW YORK—Madison Realty Capital (MRC) has taken ownership of 224 Richmond Terrace, a 60,000-sq.-ft., 40-unit residential property with a retail component located in St. George, Staten Island. Madison previously purchased the non-performing first mortgage for $8.4 million (approximately 66 percent of the unpaid principal balance and 52 percent of the payoff balance including interest) from Bank of New York Mellon, and has now taken title by completing foreclosure proceedings.

The property is located on the Staten Island waterfront in the St. George submarket.

“This submarket has become an exciting part of the New York City waterfront, but remains somewhat overlooked by investors. We identified a great opportunity to access this well-located property at an attractive basis through the senior debt, and now we’re putting the finishing touches on construction and marketing it as a rental,” said Joshua Zegen, co-found and managing member of MRC.

224 Richmond Terrace, known as “The View,” is comprised of 11 stories and features views of the Manhattan skyline and the Statue of Liberty. In addition to its 40 apartments, The View also includes approximately 5,000 sq. ft. of retail space and a community center, and benefits from a 15-year 421a tax abatement.

The original owner planned the property as a condominium, but defaulted on its construction financing in 2009, after which the original lender filed a foreclosure action. Construction is nearly complete, with only some interior installations and cosmetic detailing remaining.

Casandra Properties has been appointed as leasing agent for both the residential and retail portions of the property.