Maddd Equities to Convert Parking Lot and Self-Storage to Housing

Rendering of proposed buildings at 202 Tillary St. in Brooklyn / Image provided by Progress Capital

NEW YORK CITY—Maddd Equities and Joy Construction received $51 million in two separate loans to complete acquisitions in the Bronx and Brooklyn. The joint venture acquired 27,675 square feet of paved parking at 1150-1159 River Ave. in the Bronx for $35 million. The lot is at the intersection at McClellan Street. The owner was the River Avenue Realty Corporation, according to PropertyShark. In a separate transaction, the buyers purchased the 115,000 square-foot American Self Storage Building at 202-208 Tillary St. for $60 million from Warren Diamond.

The developers plan to construct two affordable housing towers at the Bronx River Avenue parcel. The project will include 172,000 square feet of residential space, ground-level retail and underground parking.