Jeffrey Wu, also known as Myint Kyaw, has recently transferred ownership of 41-60 Main Street in Flushing, Queens to Madison Realty Capital for $80 million. This transaction was recorded in city property records. The portfolio includes a 100,500-square-foot commercial building on Main Street and the neighboring Victoria Tower condominium development with 99 units located at 133-38 Sanford Avenue. Additionally, the deal includes Hong Kong Market at 80 Elizabeth Street in Manhattan’s Chinatown and an industrial building on Long Island at 377 Carlls Path in Deer Park.
Madison Realty Capital had previously provided Wu with a $66 million bridge loan to refinance the two properties back in 2014. Despite attempting to sell the Main Street property twice that year for $88 million and later for $92 million respectively, it was not until now that Wu successfully sold it through Newmark brokers Adam Spies and Daniel O’Brien.
The purchase of this bankrupt Queens property by Madison Realty Capital marks another successful acquisition by the company without any involvement from Connect CRE or its affiliates based out of LA or Texas.
