Eli Weiss’ Joy Construction and Jorge Madruga’s Maddd Equities have acquired around $25 million worth of land and air rights from the New York City Housing Authority for its large residential project centered at 202 Tillary Street, Crain’s first reported. Initial plans called for the duo to build a 235,000-square-foot development and make 25% of the units affordable, but the Downtown Brooklyn project could expand to 400,000 SF now that the developers have finalized their deal with NYCHA.
- Dig Deeper: The firms paid $16.6 million for a roughly 6,000-square-foot lot on Myrtle Avenue, and $8.25 million for air rights. NYCHA is transferring about 84,000 SF of development rights overall, and the money from the transaction will go toward repairs for Ingersoll Houses.
- Be Smart: Developers like Joy and Maddd that can successfully navigate the challenging political climate surrounding affordable housing will have endless opportunities.
- Heard on the Street: Eli Weiss: “While the whole world was building luxury condos for non-New Yorkers and talking about what art they would put in the lobby, we stayed true to our core business of community development and public private partnerships. Now the tide has gone out. The condo developers are all in the Hamptons trying to do bulk sales at a discount and we stayed exactly where we always were looking to improve communities through community driven value add transactions. [Crain’s]