Joy, Maddd sign $55M refi with Citibank for retail under Queensboro Bridge in Lenox Hill

Joy Construction and Maddd Equities through the entity Maddd 550 Broad, LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $55 million for the retail under the Ed Koch Queensboro Bridge at 405 East 59th Street in Lenox Hill, Manhattan.
The deal closed on July 3, 2025 and was recorded on July 14, 2025. The prior lender was Provident Bank which held debt that had an original loan amount of $42.5 million.The property has 64,360 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $854 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Joy Construction and Maddd Equities was Eli S. Weiss . The signatory for Citibank was Ana Rosu Marmann .

The property

The specialty building in Lenox Hill has 64,360 square feet of built space and 551,528 square feet of additional air rights for a total buildable of 615,545 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 613 feet deep with a total lot size of 123,109 square feet. The zoning is C8-4 which allows for up to 5 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $54.8 million. The most recent loan totaled $42.5 million and was provided by Lakeland Bank on June 29, 2023.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1,000,000 money judgment concerning a contract filed on June 26, 2024, by Christine Gordon against Maddd Equities. In addition, according to city public data, the property has received $125 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $3.4 billion in sales volume in the last two years. For development, Lenox Hill has 2.5 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 64,360 square feet on the block. The identified owner is Maddd Equities.
There are no active new building construction projects on this tax block.

All properties are specialty.

The borrower

The PincusCo database currently indicates that Maddd Equities owned at least 28 commercial properties with 1,098 residential units in New York City with 916,599 square feet and a city-determined market value of $198.2 million. (Market value is typically about 50% of actual value.) The portfolio has $318.6 million in debt, with top three lenders as NYC Housing Development Corporation, Sterling National Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 38 percent of the 916,599 square feet of built space are office properties, with W3 properties next occupying 16 percent of the space. The bulk, or 64 percent of the built space, is in Bronx, with Manhattan next at 23 percent of the space.
The PincusCo database currently indicates that Joy Construction owned at least 10 commercial properties with 1,644 residential units in New York City with 559,305 square feet and a city-determined market value of $173.5 million. (Market value is typically about 50% of actual value.) The portfolio has $127 million in debt, borrowed from Natixis and Bank Leumi. Within the portfolio, the bulk, or 50 percent of the 559,305 square feet of built space are elevator properties, with development properties next occupying 22 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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