Madison Realty Capital permitted for 139-unit Greenpoint building, nearly 4 years after plans filed

Madison Realty Capital, on May 2, received a permit application for construction of a 139-unit, 102,159-square-foot residential building at 26 Clay Street in Greenpoint, Brooklyn.

The plans are part of a larger project which includes two buildings with a total of 471 residential units. The site has been stalled for a series of years, during which it changed hands multiple times. One of the prior owners, Bo Jin Zhu’s DuPont Street Developers, filed for Chapter 11 bankruptcy while Madison Realty Capital was a senior lender on the site.

The plans, pre-filed on July 18, 2018 by the previous owner, call for the construction of a 60-foot tall, five-story residential building.

The project is described in the filings as: filed herewith a five-story and a cellar new building.

Per the plans, the ground floor of the building will have a residential lobby, amenity spaces, and 22 dwelling units. The second floor will have 38 dwelling units, the third floor will have 37 dwelling units, the fourth floor will have 20 units, and the fifth floor will have 19 dwelling units.

Below are renderings of the development.

Direct link to Acris document. LINK

Direct link to DOB document. LINK