Rose Associates sells luxury tower for $300M

Invesco Real Estate, on behalf of a client, has purchased the Madison Belvedere, a 50-story luxury rental tower in the Midtown South district — in a sales transaction brokered by Studley.

“Multifamily continues to be the most sought after property type, and New York is one of the most desired markets due to the perception of infinite tenant demand,” stated Woody Heller, executive managing director and head of Studley’s Capital Transaction Group.
The seller was Rose Associates, which had developed the 293,000 s/f residential tower in 1998, one of the tallest newly constructed multifamily assets in Manhattan.
The New York Post’s Lois Weiss reported that sale price was $300 million. A Studley spokesman did not dispute the report.
According to a story in the New York Times at the time, Rose built the tower in 1998 for $105 million after buying the site for $15 million from the Sisters of Mary Reparatrix.

The nuns had tried to sell the site to several developers who were unable to secure financing for any new building when a recession hit.
“We are very proud to have created such tremendous value at the Madison Belvedere, and contributed so substantially to the growth and emergence of this hot new neighborhood,” said Adam R. Rose, co-president at Rose Associates.
Heller, together with Will Silverman, Eric Negrin and Daniel Parker of Studley’s Capital Transactions Group, represented the seller in the sale.
The 404-unit luxury building offers studios, alcove studios, one and two-bedroom units, with amenities including a rooftop terrace, a 24-hour doorman, fitness center and washer/dryers on every floor.
According to Silverman, a Studley senior managing director, the Madison Belvedere “appeals to a new generation of moneyed professionals that can afford to live anywhere in New York City, but chooses NoMad and the Flatiron District for its lifestyle, space and convenience.”