Maddd buys school component of UES building for $25M
Grace Institute owned roughly 45,000-square-foot property since 1963
Jorge Madruga’s Maddd Equities, a Queens-based development firm, bought the school component of a 14-story Upper East Side building for $24.5 million, according to property records filed with the city today.
The school is located inside a 181,700-square-foot building at 1225-1239 Second Avenue, located between East 64th and 65th streets. The Grace Institute had owned the roughly 45,200-square-foot space since 1963.
A representative from Maddd was not immediately available for comment.
The Grace Institute, a nonprofit, offers tuition-free education to underserved women who are economically disadvantaged, with the goal of providing them with job-skills training, counseling and other services.
CBRE’s Edward Midgley, Timothy Sheehan, Daniel Kaplan and Joan Meixner represented the Grace Institute in the sale, as well as the $12.4 million purchase of a condo at 40 Rector Street.
The property, which spans the entire block, also includes retail space on the ground floor, owned by Equity One, and residential condos.
Last summer, the Floral Park-based firm bought the Newark Star-Ledger’s home in Newark, N.J. Before that, the developer inked a 99-year lease for a parcel near Hudson Yards with plans to build a 415,000-square-foot tower at the location.