Madison Realty bringing 141-unit project to Clinton Hill

Inclusionary housing agreement allows for larger zoning floor area

TRD 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

Madison Realty Capital's Josh Zegen and the Broadway Triangle (Credit: Google Maps)

Abraham Brach, Parkview Management land $50M loan for Williamsburg condo project

Tishman Speyer's Rob Speyer and Madison Realty Capital's Josh Zegen with 520 Madison Avenue (Credit: Google Maps)

Madison Realty Capital moves HQ to
520 Madison Avenue

Madison Realty Capital closes $1B debt fund

Yoel Goldman gets his Rheingold Brewery funds. But at a far greater cost.

HAP lines up $53M construction loan for Washington Heights project

Fortis secures $92M financing for Dumbo condo project

A Russian oligarch’s guide: How to hide $20M in a NYC skyscraper

Photos: Madison Realty Capital’s 2018 holiday bash