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Project: 202 Tillary Street

Jorge Madruga’s Maddd Equities is in contact to buy a self-storage warehouse at 202 Tillary Street in Downtown Brooklyn, a site the developer wants to rezone to make way for a pair of apartment buildings with 262 units.

Nassau County-based Maddd is in contract to buy the L-shaped property fronting along Tillary and Prince streets from Warren Diamond, who owns the 115,000-square-foot warehouse on the site as well as the American Self Storage company that operates out of it, sources told The Real Deal. The price wasn’t immediately known.

Representatives for Maddd and Diamond could not be reached.
Madruga’s company, however, has filed an application with the Department of City Planning to rezone the site to make way for a pair of apartment towers under the city’s Mandatory Inclusionary Housing program.

The first would stand 22 stories tall spanning nearly 160,000 square feet. It would include 178 units, 54 of which would be set aside as affordable housing.

The second tower would climb 19 stories encompassing roughly 75,000 square feet. There would be 84 residential units, with 25 set aside as affordable housing. The affordable units will rent at 60 percent of the area median income.

The project site sits at the edge of the New York City Housing Authority’s Ingersoll Houses and near several new residential towers that have popped up across the Flatbush Avenue Extension from the MetroTech Center.

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TRD