How Much for a Madison Avenue Townhouse?

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New city record reports came out, and our friends over at The Real Deal found this juicy little bit, indicating that real estate is not quite dead yet.

Ever dreamed of owning a five-story townhouse on Madison Avenue? Thirty years ago, Gurnee Hart, an esteemed member of the New York Philharmonic’s board, along with his wife Marjorie did. But back in October, their partnership, JR Associates, decided it was time to say goodbye to that little holding, when they went into negotiations with Madison 927. The Deal did some investigative work (meaning they surfed the web) to discover that Madison 927 is a company related to Ibex Group of Fort Lee, N.J—“an advisory firm that structures transactions between American and South Korean firms.”

Clearly meant as an investment property, the top-floors units can bring in as much as $2,150 in rent ($1,750 is the lower end). Do some math for six apartments and your supplemental income might be enough to buy you a dinner at Mr Chow.

Source The Real Deal

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