Maddd Equities Plans 1,128 Affordable Apartments in the Bronx

Maddd Equities has begun the process of developing more than 1,100 units of affordable housing in the Bronx, according to an application filed with the city’s Department of City Planning.

The developer, which has been on an acquisition and development streak over the past year, filed plans to construct two towers at 1014 Brook Avenue in the borough’s Morrisania neighborhood.

The plans are still in the early stages as they would require a rezoning of the site to allow residential use, according to the filing, which puts the number of apartments at 1,128. The site is at the corner of Brook Avenue and East 165th Street, a crowded intersection that also connects with Park, Webster and Melrose avenues.

At present, Maddd does not control all of the lots on the property, according to Crain’s New York, which was first to report news of the filing.

No word on whether Maddd plans to acquire those lots.

According to public records, six different lots represented by six different addresses, among them 1014 Brook Avenue, were sold in June 2023 for $16 million by longtime owner Tiffany Lumber, which purchased the lots in 1995, to the business development agency Sobro Local Development.  

A release from the New York State Department of Environmental Conservation notes that the proposed project would contain 988,843 square feet of residential space, a 153,005-square-foot recreational facility, 14,238 square feet of retail, 31,208 square feet of accessory parking for 135 spaces, 45,467 square feet of publicly accessible open space, and 10,086 square feet of light industrial/manufacturing space. The release also notes that the two towers would stand at a maximum of 16 and 20 stories.

The Morrisania plans are just the latest for Maddd in New York.

Within the past year, the company has acquired the landmarked Bronx General Post Office building for $44 million; taken a $26 million loan along with partner Stagg Group for a $40 million acquisition of 2740 and 2768 Webster Avenue in the Bronx; filed plans for a 73-unit apartment building at 132 East 125th Street in East Harlem; partnered with Joy Construction and supermarket chain Food Bazaar to purchase a development site at 1959 Jerome Avenue in the Bronx for $22.6 million; and was named, along with Joy, as developers of the long-vacant 570,000-square-foot Kingsbridge Armory, as previously reported by Commercial Observer.    

Maddd Equities and Sobro did not immediately respond to requests for comment.

Larry Getlen can be reached at lgetlen@commercialobserver.com.