Jorge Madruga is the CEO and Founder of Maddd Equities, LLC, a real estate development and investment firm based in New York.
Sherman Creek North Cove: Among the Largest Mixed Income Affordable Rental Communities in Manhattan
The Housing Partnership, along with longstanding collaborators Joy Construction and Maddd Equities, embarked on the Sherman Creek North Cove project, contributing to the development of one of Manhattan’s largest 100% affordable mixed-income rental communities.
Sherman Creek North Cove, with a total investment of $410 million, represents a significant endeavor in the Inwood area of Manhattan. This 611-unit mixed-income complex, spanning 600,000 square feet and rising 30 stories, is transforming previously underutilized bus parking lots, revitalizing the waterfront.
Catering to a diverse range of income levels, Sherman Creek North Cove will offer residences to individuals earning between 27% and 100% of the Area Median Income, with a portion reserved for formerly homeless individuals. The project, slated for completion next year, secured financing from Wells Fargo Bank, the New York City Housing Development Corporation, and the New York City Housing Preservation and Development.
Crafted by Aufgang Architects, Sherman Creek North Cove boasts an array of amenities, including a fitness center, outdoor recreational spaces, and 130 parking spots. Moreover, the development incorporates 61,000 square feet of commercial space, with a substantial portion leased to Food Bazaar for a supermarket, catering to the needs of the community. The design emphasizes community access to waterfront areas, promoting public engagement.
The construction of Sherman Creek North Cove has provided employment opportunities for numerous local firms, including MWBE businesses. Additionally, the project adheres to Enterprise Green Community standards, ensuring energy efficiency and responsible resource management.
North Cove: Transformando la Vida Urbana en 3875 Ninth Avenue, Inwood, Manhattan
The construction has reached the halfway mark at North Cove, a 30-story residential building at 3875 Ninth Avenue on the waterfront of the Harlem River in Inwood, Manhattan. Designed by Aufgang Architects and developed by Maddd Equities, the 295-foot-tall structure will encompass 544,000 square feet and yield 611 affordable rental apartments, 60,000 square feet of commercial space on the lower level, residential amenities, and 120 parking spaces. Sherman Creek Owner LLC and Sherman Creek LIHTC Owner LLC are listed as the owners and Joy Construction Corp. is the general contractor for the property, alternatively referred to as 373 and 375 West 207th Street and bounded by West 207th Street, Ninth Avenue, and the Harlem River.
The following aerial image shows the location of the plot before construction began.
The main rendering provides a sneak peek of the southeast corner of the structure. The first two levels are adorned with floor-to-ceiling windows and a screen of horizontal blinds for the commercial facade. Setbacks are positioned on floors eight, ten, 12, and 17, with the tower culminating in a flat-roof parapet topped with short mechanical bulkheads. Surrounding the property will be newly landscaped sidewalks with low garden beds and light posts, enhancing the aesthetic appeal and pedestrian experience of the area.
New Commercial Building Proposed at 24 Bruckner Boulevard in Port Morris, The Bronx
Plans Filed for a 12-Story Commercial Building at 24 Bruckner Boulevard in Port Morris, The Bronx. Situated between Lincoln Avenue and Alexander Avenue, the lot is in close proximity to the 3rd Avenue-138th Street subway station, served by the 6 train. YYY 62nd Street LLC, led by Jorge Madruga, is listed as the owner behind the applications.
The proposed 124-foot-tall development will yield 144,286 square feet designated for commercial space. The concrete-based structure will also feature a basement, a 40-foot-long backyard, 47 enclosed parking spaces, and 50 bicycle parking spaces.
Aufgang Architects is listed as the architect of record.
Demolition permits have not yet been filed. An estimated completion date has not been announced.
New Affordable Housing Lottery Opens for 304 East 134th Street in Port Morris, The Bronx
Discover your chance to secure a home in a seven-story residential building at 304 East 134th Street in Port Morris, The Bronx. Crafted by S. Wieder Architect and spearheaded by Joel Rubin through East 134th Terrace LLC, this development offers 22 residences. Through NYC Housing Connect, seven units are now available to individuals earning up to 130 percent of the area’s median income (AMI), with eligible incomes ranging from $68,572 to $156,130.
Residents will enjoy amenities such as parking, a fitness center, and a rooftop terrace. Units come fully equipped with washers and dryers, dishwashers, air conditioning, brand-name appliances, countertops and finishes, and a patio or balcony. Tenants are responsible for electricity, including stove, heating, and hot water.
304 East 134th Street en Port Morris, El Bronx a través de NYC Housing Connect
In Port Morris, The Bronx, affordable apartments are available for those with incomes ranging from $68,572 to $156,130, equivalent to 130 percent of the Area Median Income (AMI). These residences include five one-bedroom apartments with monthly rents of $2,000, as well as two one-bedroom units with monthly rents of $2,300. Applicants must meet income and household size requirements to qualify. Applications, either postmarked or submitted online, must be submitted by July 15, 2022, to be considered.
New Warehouse Development Planned at 307 Bruckner Boulevard in Port Morris, The Bronx
Permits Filed for a Two-Story Warehouse at 307 Bruckner Boulevard in Port Morris, The Bronx. Located between East 140th Street and East 141st Street, the lot is two blocks north of the Cypress Avenue subway station, served by the 6 train. Caleb Ahles, from Sterling Organization, is listed as the owner behind the applications.
The proposed 59-foot-tall development will yield 98,612 square feet designated for commercial space. The steel structure will feature 26 enclosed parking spaces and four loading docks.
Robert Budetti, Jr. of Architects Orange is listed as the architect of record.
Demolition permits were filed earlier this month. An estimated completion date has not been announced.
Real Estate Entrepreneurship: Jorge Madruga's Blog on Industry
Jorge Madruga, the founder and CEO of Maddd Equities LLC, introduces his new blog on Industry-Minds.com, where he shares his insights and experiences in real estate development. Explore the stories behind high-profile properties and Jorge’s commitment to community revitalization. Through topics like lessons from architecture and tips for entering real estate development, Jorge offers a unique and valuable perspective for aspiring entrepreneurs. Visit his website for more information.
Progress Capital Arranges $15 Million CRE Loan for Maddd Equities to Acquire Property in Harlem
Brad Domenico of Progress Capital secured a $15 million CRE acquisition loan for 124-132 East 125th Street, NY. This was crucial for Jorge Madruga of MADDD Equities, aiding his planned development by merging acquired parcels with neighboring properties. The corner property will house commercial and community facilities. Situated in Harlem, it’s near public transport and parks like McNair Park.
