Rendering of proposed buildings at 202 Tillary St. in Brooklyn /Image provided by Progress Capital
NEW YORK CITY—Maddd Equities and Joy Construction received $51million in two separate loans to complete acquisitions in the Bronxand Brooklyn. The joint venture acquired 27,675 square feet ofpaved parking at 1150-1159 River Ave. in the Bronx for $35 million.The lot is at the intersection at McClellan Street. The owner wasthe River Avenue Realty Corporation, according to PropertyShark. Ina separate transaction, the buyers purchased the 115,000square-foot American Self Storage Building at 202-208 Tillary St.for $60 million from Warren Diamond.
The developers plan to construct two affordable housing towersat the Bronx River Avenue parcel. The project will include 172,000square feet of residential space, ground-level retail andunderground parking.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
