Via The Real Deal
Jorge Madruga’s Maddd Equities and Eli Weiss’ Joy Construction have closed on their purchase of the Downtown Brooklyn site at 202 Tillary Street for $30 million, according to Weiss.
The Real Deal reported last May that Madruga’s company was in contract to buy the site from owner Warren Diamond. It is currently a 115,000-square-foot warehouse operated by his company American Self Storage.
Maddd Equities and Joy Construction, who frequently partner on affordable housing projects, rezoned the property while it was under contract and plan to continue using it as a self-storage facility until they finalize their plans to convert it into a 235,000-square-foot residential building, according to Weiss. The project will operate under the city’s mandatory inclusionary housing policy, and 25 percent of its units will be permanently affordable.