The Real Deal New York

Madison Realty bringing 141-unit project to Clinton Hill

Inclusionary housing agreement allows for larger zoning floor area
By Mark Maurer | November 26, 2014 02:43PM

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.