A Madison Realty Capital-owned project took a step forward last week with the filing of a preliminary statement in a process that will seek a zoning change to a collection of parcels known as Liberty Towers in the St. George neighborhood of Staten Island.
An environmental assessment statement was filed April 22 with the Department of City Planning covering 10 tax lots.
The parcels were tied up in a complex series of foreclosures, bankruptcy filings and related legal maneuverings for more than a decade. Developer Leib Puretz lost the Liberty Towers parcels in foreclosure actions in 2011 and 2014 and the parcels were later acquired by Madison Realty for $10.5 million, according to city property records and court filings.
Madison has contracted with law firm Kramer Levin Naftalis & Frankel LLP and government affairs firm Kasirer to lobby and navigate the zoning and development process, totaling $345,495 since 2018. Of that, $212,495 was with Kramer Levin and $133,000 was with Kasirer.
Puretz sought to build a 16-story condominium on the site that has addresses including 24 Stuyvesant Place and 178 Richmond Terrace.
Madison acquired another Puretz project nearby and it was later completed. Madison bought 224 Richmond Terrace in 2012 and sold it in 2018 for $20 million.