Maddd Equities planning pair of DoBro apartment buildings

Developer is in contract to buy self-storage warehouse at 202 Tillary: sources

May.May 17, 2017 04:20 PM

202 Tillary Street (Credit: Getty Images)

Jorge Madruga’s Maddd Equities is in contact to buy a self-storage warehouse at 202 Tillary Street in Downtown Brooklyn, a site the developer wants to rezone to make way for a pair of apartment buildings with 262 units.

Nassau County-based Maddd is in contract to buy the L-shaped property fronting along Tillary and Prince streets from Warren Diamond, who owns the 115,000-square-foot warehouse on the site as well as the American Self Storage company that operates out of it, sources told The Real Deal. The price wasn’t immediately known.

Representatives for Maddd and Diamond could not be reached.

Madruga’s company, however, has filed an application with the Department of City Planning to rezone the site to make way for a pair of apartment towers under the city’s Mandatory Inclusionary Housing program.

The first would stand 22 stories tall spanning nearly 160,000 square feet. It would include 178 units, 54 of which would be set aside as affordable housing.

The second tower would climb 19 stories encompassing roughly 75,000 square feet. There would be 84 residential units, with 25 set aside as affordable housing. The affordable units will rent at 60 percent of the area median income.

The project site sits at the edge of the New York City Housing Authority’s Ingersoll Houses and near several new residential towers that have popped up across the Flatbush Avenue Extension from the MetroTech Center.

In 2009, BFC Partners built the 240-unit Toren rental tower at 150 Myrtle Avenue, and in 2014, Lalezarian Properties built the 255-unit rental tower at 309 Gold Street. John Catsimatidis’ Red Apple Group is getting ready to launch leasing at the 440-unit rental tower at 86 Fleet Place, part of his plan to develop several properties along Myrtle Avenue.

Madruga’s Maddd Equities is particularly active in the Hudson Yards area, where the company is developing a hotel and several residential buildings in the West 30s. The company has a piece of the development site that Eliot Spitzer and the Related Companies are planning to develop into a 1.4 million-square-foot office-and-residential project.

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