The 20-unit rental building at 14 Fifth Avenue is headed for a growth spurt. Developer Madison Realty Capital bought the building for $27.5 million, and is planning to turn the the units into "high-end" rentals. The firm also plans to tap into the property's 43,000 square feet of development rights to add a few floors. The building has a "handful of rent-stabilized tenants," so let's see if the renovation goes off without lawsuits. [Crain's]
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