Maddd Equities transfers 57K sf in air rights from existing building to adjacent Mott Haven development site

Jorge Madruga’s Maddd Equities has transferred 57,166 square feet of development rights from an existing building in Mott Haven to an adjacent development site at 24 Bruckner Boulevard where the developer plans to construct a new building.

The Katz family, through signatory Drew Katz, and Maddd Equities through its Bruckner Development II LLC transferred the 57,166 square feet of development rights from 18-22 Bruckner Boulevard to 24 Bruckner Boulevard, where Maddd plans to build an new building. The Katz family as landlord signed two ground leases with Maddd Equities in 2016. One was a 49-year lease for 18-22 Bruckner Boulevard and the other was a 99-year lease for 24 Bruckner Boulevard. At the time both were part of lot 5, but in 2019 that lot was subdivided into lot 5 and lot 6, with 24 Bruckner being lot 6.

The deal closed on April 20, 2020, and was recorded on April 24, 2020.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link