Maddd Joy: Madruga, Weiss file plan for DoBro tower

Joint venture of Maddd Equities, Joy Construction in the works since 2018

New York /
Aug.August 20, 2021 06:46 PM
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)

Maddd Equities’s Jorge Madruga and Joy Construction’s Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)

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.

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.





    Related Articles

    arrow_forward_ios
    A rendering of 165 Broome Street (Credit: Handel Architects)
    Nonprofit plans affordable housing development near Essex Crossing
    Nonprofit plans affordable housing development near Essex Crossing
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    (Getty, iStock/Illustration by Kevin Rebong for The Real Deal)
    No-bid contracts ripe for corruption at NYCHA buildings: investigators
    No-bid contracts ripe for corruption at NYCHA buildings: investigators
    Sen. Chuck Schumer (Getty)
    Chuck Schumer calls for $80B in public housing funding
    Chuck Schumer calls for $80B in public housing funding
    Shelter Island and Town Supervisor Gerry Siller (iStock, Town of Shelter Island)
    Shelter Island prices squeezing out affordable housing
    Shelter Island prices squeezing out affordable housing
    An aerial of the Pascack Ridge development (Google Maps)
    Large Rockland development project suffers setback in court
    Large Rockland development project suffers setback in court
    MacQuestion Development CEO Rella Fogliano, 32/36/38 Main Street in Yonkers (Google Maps, Getty)
    Despite hurdles, developer plans 10-story affordable housing complex in Yonkers
    Despite hurdles, developer plans 10-story affordable housing complex in Yonkers
    Sen. Chuck Schumer, President Joe Biden, Congresswoman Nancy Pelosi and House Ways and Means Chairman Richard Neal (Getty/Illustration by Kevin Rebong for The Real Deal)
    5 real estate issues to watch in Dems’ $3.5T budget
    5 real estate issues to watch in Dems’ $3.5T budget
    arrow_forward_ios

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

    Loading...