The Real Deal New York

Maddd Equities, Cayre Equities just bought this Clinton Hill site

The companies plan to renovate property but keep it as self-storage facility
By Eddie Small | September 12, 2018 04:30PM

235 Park Avenue, maybe 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.