Here's a first look at Maddd Equities' newest development at 132 East 125th Street, located between Park Avenue and Lexington, on East Harlem's main thoroughfare.
Designed by Aufgang Architects, the commercial complex will replace the former Harlem Savings Bank and a two-story retail building with an eight or nine-story ground-up structure that will include 100,000 square feet of retail/commercial (likely for a school or medical tenants) and community space.
According to Crain's, Maddd closed on 132 East 125th Street this week, paying nearly $11 million for the property. The developer plans to pair the lot with 124 East 125th Street, which it purchased in November 2020 for $15 million. The site will also be merged with air rights acquired from nearby properties, allowing for several thousand more square feet to built on the roughly 11,600 square feet assemblage.
Maddd plans to demo the existing structures by the year's end and kick off construction in the first quarter of 2022. Construction would wrap in 2024.
The developer has also expressed interest in growing the project if there is an opportunity to expand the site further.
“We’re doing ours to make this corner safer, cleaner,” Maddd founder, Jorge Madruga, told Crain's. “There’s a lot going on in that corner that’s not good, and we’re trying to basically make it better.”
- Harlem (Urbanize NYC)