Lakeland Bank Refis Landmarked Manhattan Retail Site With $43M Loan


Jorge Madruga’s Maddd Equities has secured a $42.5 million debt package to refinance a landmarked Manhattan retail asset anchored by Trader Joe’s, Commercial Observer can first report.

Lakeland Bank supplied the loan on Maddd Equities’ Bridgemarket property at the base of the Ed Koch Queensboro Bridge, according to Progress Capital, which procured the deal. Trader Joe’s opened at the site at 405-409 East 59th Street in late 2021 in a space previously occupied by Food Emporium.

Progress Capital’s Brad Domenico arranged the transaction with Rob Surovich, senior vice president and commercial loan officer at Lakeland Bank. The deal closed late Thursday afternoon. 

In addition to Trader Joe’s, the property is also leased to catering hall company Guastavino’s, clothing retailer TJ Maxx and e-commerce company Ship Essential. The landmarked site used to house a public farmers market until the 1930s, when the New York City Department of Transportation transformed it into a storage facility. 

Lakeland Bank and Maddd Equities did not immediately return requests for comment.

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