Crime & Safety

Madison Manor Owners 'Devastated' by Fire

Investors working to restore building from 1920s thank emergency responders in statement.

The investors and redevelopers who were working to restore an apartment building in Madison that dates back to the 1920s are devastated by the fire that struck their building this week.

The owners of Madison Manor Apartments said they are thankful for the emergency officials who responded to the scene late Tuesday night, and they are working closely with authorities in investigating the cause of the blaze. 

The three-story building, formerly used as housing by Drew University, was purchased for $3.35 million in March, county records show.

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It was undergoing renovations and the owners planned to start showing the new one-, two- and three-bedroom units later this month.

"On behalf of our partners and everyone involved in the restoration of Madison Manor, we are devastated by the fire that struck the building," the owners said in a statement. "We are thankful for the Madison Fire Department, police and public safety departments and all of the other fire departments and emergency personnel who responded to the site in the early morning hours of November 6th. 

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"We are working closely with the Madison Fire Department and all authorities involved to aid in the investigation of the cause of the fire. We would like to thank our neighbors in Madison for their patience and understanding as we investigate this very unfortunate event."

A website for the property at 39 Green Village Road said the 21 units were to be available in the first quarter of 2014.

"Madison Manor combines the best of modern, contemporary living with the old world charm of a magnificent building from the 1920s," and is located two blocks from downtown and the train station, the website says.

The renovations were the latest venture of industry veteran Mark Yeager, founder and principal of MRY Associates LLC, and real estate private equity firm Normandy Real Estate Partners, according to the website.

The three-alarm fire burned away the roof and damaged the third floor. The second and first floors and the basement sustained water damage from the firefighting efforts. No one was injured.

Authorities do not believe the fire is suspicious. No final determination of the cause has been made, and the insurance company plans to conduct its own investigation, Madison Fire Chief Lou DeRosa said Thursday.


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