Jona Rechnitz Selling Madison Ave Development Site For $26M
Despite being at the forefront of a corruption probe into the NYPD, Jona Rechnitz and JSR Capital are looking to sell a Midtown development site at 238 Madison for $26M ($770/BSF).
Jona bought the five-story walk-up back in 2013 for $12M, and was planning to build either a condo or a hotel at the site, which has 34k buildable SF and more than 22k SF of air rights, The Real Deal reports.
He had given Meridian Capital Group exclusive selling and marketing rights, but it’s now in the hands of investment sales brokerage Besen & Associates. Jona—who, according to an FBI probe, gave NYPD gifts and trips abroad in exchange for favors—is seeking all cash for the property.
JSR Capital portfolio mainly includes individual condo units and residential buildings with retail components. [TRD]
