DoBro can expect mo’ housing – a lot mo’.
Maddd Equities and Joy Construction plan to build a massive mixed-use building at 202 Tillary Street in Downtown Brooklyn.
The structure will have 465 apartments and span 436,600 square feet, according to records filed Thursday with the Department of Buildings, and cost $132 million to construct, a separate filing indicated. It will include 4,000 square feet of retail space and 40 or 50 parking spaces.
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The project will make use of 90,000 square feet of air rights the developers purchased from nearby Ingersoll Houses, a NYCHA development, and from a 6,000-square-foot lot on Myrtle Avenue. Aufgang is the architect of record.
Lender Libremax Capital provided $22 million toward the purchase of the development rights in a mezzanine loan, Real Estate Weekly reported.
Jorge Madruga’s Maddd Equities and Eli Weiss’ Joy Construction bought the 19,500-square-foot parcel for the building in 2018 for $30 million, financed by senior lender Natixis and mezzanine lender Libremax.
A 115,000-square-foot warehouse operated by American Self Storage occupies the site. No demolition permits have been recorded. The address is also known as 67 Prince Street.
Because the site was rezoned, the project must abide by the city’s mandatory inclusionary housing policy. A quarter of its units will be permanently affordable to tenants earning up to 60 percent of the area median income.