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
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Businessman arguing with buildings
The bickering bros: Jemals escalate battle over portfolio
The bickering bros: Jemals escalate battle over portfolio
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
A photo illustration of The Artisan Hotel at 1501 W Sahara Ave in Las Vegas (Getty, LoopNet)
Las Vegas to get its first cannabis-friendly hotel
Las Vegas to get its first cannabis-friendly hotel
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Small Property Owners of New York spokesperson Ann Korchak
As rent-relief portal closes, shafted landlords consider suing state
As rent-relief portal closes, shafted landlords consider suing state
arrow_forward_ios

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

Loading...