2045 Madison Ave, New York, NY
In March 2021, we acquired 2045 Madison Avenue, a 76,000 square foot adaptive reuse of a deconsecrated Catholic church and elementary school. 2045 Madison Avenue is located on Madison Avenue between 129th Street and 130th Street within a Qualified Opportunity Zone in Harlem, New York. The landmarked, Gothic Revival style buildings were originally built between 1886 and 1904, designed by renowned architect James Renwick, Jr, and benefit from 200 feet of frontage along Madison Avenue. After entering into a purchase and sale agreement to acquire 2045 Madison Avenue, the joint venture signed a long-term lease with a Capital Preparatory Harlem, a State University of New York Authorized Charter School for 100% of the property. Upon closing, a $9.7 million renovation of the historic buildings commenced to transform 2045 Madison Avenue into a state-of-the-art academic facility that will serve the Harlem community. Construction has completed and Capital Preparatory Harlem started operating in Fall semester 2022.