Madison Development picks up pair of East New York dev sites

The parcels house one-story industrial buildings

578 Cozine Avenue and Adam Gordon
578 Cozine Avenue and Adam Gordon (Credit: LinkedIn)

Storage company Madison Development has purchased two sites in East New York for $25.3 million, according to property records filed with the city Friday.

The sites at 554 and 578 Cozine Avenue span two full city blocks, and they both contain one-story industrial buildings, which are not adjacent. Madison Development bought them from investor Lewis Gantman.

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Adam Gordon, managing partner at Madison Development, said his company will demolish the two buildings and use the sites for last-mile industrial warehouse space for e-commerce companies like Amazon.

Madison Development made a pair of deals with Prime Storage Group late last year, selling the company a self-storage facility at 1098 Rockaway Avenue in Canarsie for $53 million and a self-storage facility at 31-07 20th Avenue in Astoria for $94 million.