Josh Zegen’s Madison Realty Capital plans to construct a 171,000-square-foot rental building on the site of a Downtown Brooklyn bakery it bought last month.
The 191-unit property at 551 Waverly Avenue will replace Beigel’s Bakery, which occupied the site for 12 years. Madison Realty aims to spend $57.5 million constructing the new building, including $7.5 million on three neighboring parcels and development rights, Crain’s reported.
Madison Realty paid $23.5 million for the 43,350-square-foot bakery building, as The Real Deal reported. The structure offers 94,000 buildable square feet.
Meanwhile, in Clinton Hill, the developer is building a 141-unit, 142,000-square-foot rental property near Pratt Institute, as TRD reported. In Harlem, Madison Realty owns an entire city block, after acquiring three properties for $15 million in November. [Crain’s] — Mark Maurer