The 275,000-square-foot property recently completed a major capital improvement program; a joint venture between Madison Realty Capital, The Bluestone Group, Altmark Group, and Gali Management
Madison Realty Capital, a New York City-based real estate private equity firm focused on debt and equity investment strategies, today announced the addition of Westhab to Union Crossing in the South Bronx. The community development non-profit organization is the building’s first tenant and has signed a 10-year, 8,233 square-foot lease at the revitalized office building.
Westhab was founded in 1981 to combat the housing crisis in Westchester County. The organization acquired vacant buildings and renovated them into quality transitional and permanent housing. As the organization grew, Westhab began to provide employment services and youth programs, supporting families to break the cycle of poverty. They also undertook ground-up development of attractive, new affordable housing residences, including housing targeted toward seniors, veterans, young adults, and the disabled.
With more than 400 employees spread across the five boroughs, this new office space will be Westhab’s New York central hub for full staff training, meetings and other professional development.
“We serve several communities across New York City on a constant basis. This central office space will help us streamline our efforts and commitment to New Yorkers in need,” said Westhab CEO, Richard Nightingale. “We’re happy to have found a modern space that accommodates our growing needs in such a key location for our organization.”
Union Crossing is an eight-story, approximately 275,000-square-foot property that recently completed a major capital improvement program including new windows, elevators, MEP systems, restrooms, and the provision of additional power for the building. The newly renovated, fully available mixed-use center offers office, light industrial, and retail space. The property includes an open ground level for retail and dining spaces, expansive floor plates on the upper floors, and the potential for rooftop activation. The building’s façade has also undergone exterior restoration, and the streetscapes have been enhanced with new landscaped plaza space.
“It's exciting to sign Westhab as our first lease and to welcome this progressive organization that brings meaningful support to neighboring communities,” said Josh Zegen, Managing Principal, Co-Founder of Madison Realty Capital. “The South Bronx is a dynamic neighborhood with rich character and we’re happy to be part of that with Union Crossing.”
Located in the exciting Port Morris neighborhood of the Bronx, Union Crossing is conveniently positioned close to the number 6 subway station at East 143rd Street and adjacent to the Bruckner Expressway. The waterfront neighborhood is situated along the Harlem and East Rivers and offers unparalleled river views to many of its tenants. Area businesses include Silvercup Studios, Bronx Brewery, Port Morris Distillery, Fresh Direct, and the Bruckner Market.
Madison Realty Capital, The Bluestone Group, Altmark Group, and Gali Management partnered with Ellen Israel and JRT Realty to lease Union Crossing. Madison Realty Capital is working with Westhab to build out their office space to meet their needs for a professional but collaborative environment.
About Madison Realty Capital
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on debt and equity investment strategies. Founded in 2004, MRC has closed on approximately $11 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
About JRT Realty Group
JRT Realty Group Inc., the nation’s largest certified woman-owned commercial real estate services firm, provides a full range of customized services, including strategic planning, corporate real estate portfolio management, tenant representation, leasing and property marketing, financing, and investment sales.
JRT Realty has a proven record of success in helping Fortune 500 and institutional clients, as well as federal, state and city governments, achieve aggressive, multi-million dollar diversity spending goals through innovative business solutions.
About The Bluestone Group
The Bluestone Group is a privately held investment firm based in New York City which was formed to capitalize on increasing prospects in the opportunistic commercial real estate space. Founded in 2006 by real estate veterans Eli Tabak and Marc Mendelsohn, Bluestone focuses on investing in value-add opportunities such as under-performing properties, developing markets, and distressed assets. To date, Bluestone has completed in excess of $1.5 billion in transactions across most CRE asset classes.
About Altmark Group
The Altmark Group is a real estate development, investment, and management firm that owns and manages over two million square feet of commercial, residential, industrial, and retail space throughout the tri-state area. Altmark began investing in the Bronx in the late 1970?s and has since expanded to other counties and states. The Altmark Group focuses on opportunities where it can improve value through redevelopment, hands-on management, and financial restructuring. Through its subsidiaries and partners, Altmark utilizes a vertically integrated approach to handle every phase of a project from start to finish.
About Galil Management
Galil Management is a family-owned multifamily real estate investment and management company headquartered in New York City. Galil has been investing in the New York residential real estate market for over four decades. Today, Galil counts close to 10,000 apartments in its portfolio, maintaining excellent living environments for tenants while maximizing the overall investment value of the property.
