Madison Realty bringing 141-unit project to Clinton Hill

Inclusionary housing agreement allows for larger zoning floor area

New York /
Nov.November 26, 2014 02:43 PM

Josh Zegen’s Madison Realty Capital has plans for a 141-unit Clinton Hill apartment building spanning 142,000 square feet, The Real Deal has learned.

The property at 504 Myrtle Avenue, near Pratt Institute, would also hold a 20,000-square-foot retail space and a 115-car parking lot. The rental apartments would range from studios to two-bedrooms, according to a spokesperson for the developer. Thomas O’Hara of HTO Architects is serving as the architect of record.

Plans filed today with the city’s Department of Buildings shows an 87,000-square-foot structure with 35,000 square feet of ground-floor retail going up on the site.

But the project is much larger than the permit shows, the spokesperson told TRD. The filings were based on the as-of-right floor area ratio, so that demolition and foundation work could proceed.

Buildings on Myrtle Avenue are part of an inclusionary housing district. As such, they are eligible for an increase in zoning floor area of up to 35 percent in exchange for the developer allotting 20 percent of the units as affordable housing, sources said.

The one-story building on the site was the longtime home to the Pratt Station Post Office. The U.S. Postal Service branch secured a new home at 609 Myrtle Avenue earlier this year, as reported.

Madison is also developing a seven-story apartment building nearby, at 490 Myrtle Avenue, that is nearly complete, as previously reported.

Silverstone Development Group, now the management arm of Madison, acquired the Pratt Station building in 2012 for $5.5 million.

Madison recently picked up an entire city block on Frederick Douglass Boulevard between 111th and 112th streets, as TRD reported.


Related Articles

arrow_forward_ios
Madison Realty Capital's Josh Zegen and 625 Fulton Street in Brooklyn (MRC, Google Maps)
Rabsky lands $450M loan for DoBro towers
Rabsky lands $450M loan for DoBro towers
CBSK’s Scott Shnay, Madison Realty Capital’s Josh Zegen and 1228 Madison Avenue (LinkedIn, Madison Realty Capital, Robert A.M. Stern Architects)
Robert Stern-designed UES condo project gets $100M refi
Robert Stern-designed UES condo project gets $100M refi
Madison Realty Capital's Josh Zegen, 1580 Nostrand Avenue and Hello Living CEO Eli Karp (Madison Realty Capital, Hello Living)
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
300 West 122nd Street, Bespoke Living’s Rachel Medalie and Madison Realty Capital's Josh Zegen (StreetEasy, Douglas Elliman)
West Harlem condo gets $160M inventory loan
West Harlem condo gets $160M inventory loan
From left: Parkway Hospital in Forest Hills, Top Rock Holdings’ Uri Mermelstein, Joseph Yushuvayev, Madison Realty Capital's Josh Zegen and SYU Properties’ Josif Elishayev (Google Maps, LinkedIn, Getty)
Parkway Hospital buyers land bridge loan from Madison Realty Capital
Parkway Hospital buyers land bridge loan from Madison Realty Capital
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
A view of the development site with Bears & Eagles Riverfront Stadium and Madison Realty Capital’s Josh Zegen (City of Newark, Wikimedia/buba69)
NJ developer lands $400M apartment loan
NJ developer lands $400M apartment loan
(Photo illustration by The Real Deal)
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...