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

TRD New York /
Jun.June 12, 2018 02:02 PM

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


Related Articles

arrow_forward_ios
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...