Madison Development picks up pair of East New York dev sites

Storage company Madison Development has purchased two sites in East New York for $25.3 million, according to property records filed with the city Friday.

The sites at 554 and 578 Cozine Avenue span two full city blocks, and they both contain one-story industrial buildings, which are not adjacent. Madison Development bought them from investor Lewis Gantman.

Adam Gordon, managing partner at Madison Development, said his company will demolish the two buildings and use the sites for last-mile industrial warehouse space for e-commerce companies like Amazon.

Madison Development made a pair of deals with Prime Storage Group late last year, selling the company a self-storage facility at 1098 Rockaway Avenue in Canarsie for $53 million and a self-storage facility at 31-07 20th Avenue in Astoria for $94 million.