Carter's Review

This handsome, 16-story, pre-war apartment building at 150 East 48^th Street on the southwest corner at Lexington Avenue and was erected in 1928 and has 289 rental apartments.  It is known as The Buchanan.

In March, 2016, Madison Realty Capital (MRC), an institutionally-backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the acquisition of The Buchanan in partnership with USAA Real Estate Company. The announcement said that partnership will be the fourth owner of the Property since it was built in 1928, and the first in the last 64 years.

The building is comprised of five interconnected mid-rise towers which surround a garden courtyard, and contains 289 apartments and approximately 16,000 square-feet of retail and office space. The Property also contains nearly 140,000 square feet of excess air rights. The announcement said that the partnership plans to initiate a comprehensive capital improvement program geared towards renovating and reconfiguring existing residential units, enhancing operating efficiencies, and creating a high-end amenity package.

The residential unit mix includes oversized studio, one-bedroom, two-bedroom and three-bedroom apartments stretching from the second floor through the 16th floor, with penthouse units offering private outdoor terraces. The retail space and office space, which spans predominantly along 200 feet of frontage on 3rd Avenue and roughly 145 feet of frontage along 47th and 48th Streets, is currently 100% occupied.

In the announcement, Josh Zegen, co-founder and managing principal of MRC, said "We believe that The Buchanan provides a tremendous value proposition backed by sound fundamentals with sustainable growth. This was a rare chance to acquire a full block asset exhibiting predominantly core characteristics while providing significant value-add potential."

Crown Design and Consulting was the architectural firm for the renovation.

The building has a very large and very impressive, landscaped courtyard and ground floor retail space along its Lexington Avenue frontage.

Bottom Line

A handsome, pre-war building with fireplaces and a spectacularly attractive and large colonnaded landscaped courtyard and 24-hour doorman. 

Description

The building has a two-story-high entrance surround that leads to its extremely attractive and very large courtyard whose west side has a have long, arched colonnade and whose east side has a raised terrace with a central entrance with a handsome, broken prediment..

The building permits window air-conditioners.

Amenities

The building has a 24-hour doorman, a live-in superintendent, a fitness center, a tenant lounge with wet bar and pool table, storage and a bicycle room, a library, a laundry and a very impressive courtyard.

Apartments

Apartments have Fisher Paykel stainless steel kitchen appliances, white shaker cabinets, and Carrara countertops and backsplashes and Bosch washers and dryers.

Penthouse B is a one-bedroom unit with a square entry hall that leads to a square living room with a fireplace and an open kitchen and a terrace.

Apartment 4C is a one-bedroom unit with an entry foyer that leads to a 20-foot-long living room with a fireplace , a 9-foot-long dining room and a 13-foot-long kitchen.

Apartment 4E is a one-bedroom unit with an entry foyer that leads to a 19-foot-long living room with a fireplace and a 7-foot-wide enclosed kitchen.

Apartment 2P is a one-bedroom unit with an entry foyer that leads to a 19-foot-long living room with a fireplace and a 7-foot-long dining room and a 7-foot-long kitchen.

Apartment 5C is a studio unit with an entry foyer that leads to a 15-foot-long living room with an open kitchen.