The Real Deal New York

Madison’s 561-unit Queens resi complex rejected by community board

Project at 69-02 Queens Boulevard is developer's first ground-up attempt in borough
June 12, 2018 02:02PM

Josh Zegen and a rendering of 69-02 Queens Blvd (Credit: Perkins Eastman Architects and Pixabay)

Madison Realty Capital’s vision for a large residential complex in Woodside, Queens suffered a setback Monday when Community Board 2 rejected the developer’s bid for a zoning variance.

The advisory vote follows Council Member Robert Holden saying he wouldn’t support the rezoning, according to the Sunnyside Post. The vote rejected a zoning variance that would allow for two buildings — of 17 stories and 14 stories — at 69-02 Queens Boulevard.

Current rules allow developers to build a 12-story building with 289 apartments, including 58 affordable housing units, the report said. Madison’s 561-unit development requires rezoning — in exchange for which the developer said it would include 168 affordable units. It would be one of the largest new projects Woodside has seen in decades. It’s also Madison’s first ground-up development project in Queens.

The Queens borough president, the city’s planning commission and the full city council are now set to review the proposal.

Madison bought a five-parcel assemblage in Woodside, including the site of this project, for around $31 million in 2016.

Apart from development, Madison is also among the city’s most active non-bank lenders. It has even carved a niche for investing in condominium projects that have suffered from infighting and bad press, including 45 Park Place, 45 East 22nd Street, the Long Island College Hospital redevelopment and 111 West 57th Street[Sunnyside Post] — Meenal Vamburkar