Maddd Equities, Cayre Equities just bought this Clinton Hill site

The companies plan to renovate property but keep it as self-storage facility

New York /
Sep.September 12, 2018 04:30 PM

235 Park Avenue, with Maddd Equities CEO Jorge Madruga and 235 Park Avenue (Credit: Google Maps)

Maddd Equities’ latest purchase is a storage facility in Clinton Hill.

The company, along with its frequent partner Joy Construction and Cayre Equities, purchased 235 Park Avenue in Brooklyn for about $27 million, according to property records. The American Self Storage facility stands four stories tall and spans 67,000 square feet.

The firms bought it from 45 Clinton Avenue LLC, which is controlled by Warren Diamond and John del Monaco. It’s a part of a package Maddd Equities and Joy Construction bought from Diamond that also included 202 Tillary Street in Downtown Brooklyn, according to Joy Construction’s Eli Weiss.

Cayre will take the lead on this site, while Maddd and Joy will play a minor role, Weiss said.

James Coakley of Cayre Equities said they plan to keep the property as a storage facility but plan to make some minor upgrades to it.

“It’s going to continue to operate as a self-storage facility,” he said. “There will be some capital improvements to raise the asset class.”

Cayre Equities bought a former Getty gas station site in Harlem earlier this year at 119 West 145th Street for $10.5 million. They also own buildings at 222-228 West 125th Street and 136 West 34th Street in Manhattan.

Maddd Equities and Joy Construction closed on 202 Tillary Street for $30 million in August. The site is currently a 115,000-square-foot American Self Storage warehouse, but the companies plan to convert it into a 235,000-square-foot residential building.


Related Articles

arrow_forward_ios
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Discovery at West Road on 9404 West Road, Houston and Haven at Eldridge on 13115 Whittington Drive and McCann Realty Partners Matt Akin (Pegasus Residential, McCann Realty Partners)
McCann Realty Partners swings two Texas multifamily deals
McCann Realty Partners swings two Texas multifamily deals
(Illustration by The Real Deal)
Manhattan investment sales top pre-pandemic levels in Q4 comeback
Manhattan investment sales top pre-pandemic levels in Q4 comeback
From left: Ben Conry and Blair Chenault, co-founders, Flashtract (Flashtract, iStock)
Construction payments startup Flashtract closes $15M Series A
Construction payments startup Flashtract closes $15M Series A
Google buying London office for $1B
Google buying London office for $1B
Google buying London office for $1B
9811 Copper Creek Drive, Austin with Tides Equities’ Sean Kia and Ryan Andrade (Tides Equities, Google Maps)
Tides Equities snags another Texas multifamily property
Tides Equities snags another Texas multifamily property
Renderings of 80 South Street (Oceanwide Holdings, iStock)
Chinese developer defaults on $175M loan for languishing Manhattan supertall site
Chinese developer defaults on $175M loan for languishing Manhattan supertall site
1333 South Congress Avenue in Austin, Texas and Tecovas CEO Paul Hedrick (Google Maps, Twitter)
These boots are made for lending
These boots are made for lending
arrow_forward_ios

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

Loading...