Jorge Madruga’s Maddd Equities first considered an office building for his East Harlem development site. Then he thought about a school. Now, he is looking to build apartments.
Madruga filed plans with the city to build 73 apartments and commercial retail space. He is also seeking to build medical space at the property, 132 East 125th Street.
The developer said the apartments could have an affordable housing component. He expects to get final approvals by the first half of next year.
After that, Maddd Equities will likely start building and seek a construction loan. The firm usually partners with Eli Weiss’ Joy Construction Corp.
Maddd started assembling parcels to build the 100,000-square-foot development in 2020. He bought a lot at 124 East 125th Street for $15 million that year and acquired neighboring 132 East 125th Street for $10.75 million the following year. Madruga secured a $15 million land loan from Metropolitan Bank in 2021.
Maddd also purchased about 17,000 square feet of air rights, Crain’s reported.
After considering office development, Madruga changed course and sought to build out the property as a school. He tried to close a deal with the NYC School Construction Authority, but it fell through.
Now, he has pivoted to apartments. These are the first plans he has filed with the city for the site. He could possibly use 485-x, the tax exemption that replaced 421-a, if he includes affordable units.
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The program’s rules have still yet to be finalized, which is a requirement before the Department of Housing Preservation and Development can approve applications.
Maddd’s 465-unit project in Downtown Brooklyn at 202 Tillary Street is expected to be completed next year.