Latest news with #MadddEquities
Time Out
28-07-2025
- Business
- Time Out
More than 1,000 affordable apartments could be coming to the Bronx thanks to a new development project
A new proposal from prolific developer Maddd Equities could give the South Bronx its biggest residential jolt in years. If approved, a rezoning application filed with the Department of City Planning would pave the way for two mixed-use towers at 1014 Brook Avenue in Morrisania—housing a proposed whopping 1,128 affordable apartments. The project, spanning a jaw-dropping 1.2 million square feet, would rise 22 and 26 stories and sit across 19 tax lots currently home to low-rise warehouses (two of them vacant). Maddd Equities controls just over half of the site for now and it's still unclear if it plans to scoop up the rest. Designed by Aufgang Architects, the complex goes well beyond just apartments. Plans call for 167,000 square feet of retail and community space, including a sports complex open to the public and local schools, located at the base of both buildings. There's also 1,000 square feet of light manufacturing space—think small-scale makers, a distillery or a woodworking shop. But perhaps the smartest feature is what happens between the buildings: a landscaped pedestrian corridor that connects East 165th and East 164th Streets, plus an additional open space at the corner of Brook and 165th. Expect greenery, playgrounds, benches and a more welcoming streetscape in a section of the Bronx that's been sorely lacking investment. While the site is currently zoned for manufacturing only, Maddd Equities is seeking a zoning change that would allow for both residential and commercial uses. The application kicks off a long public review process that includes a full Environmental Impact Statement. If all goes according to plan, construction could kick off in 2027 and wrap by 2032. Maddd Equities, led by CEO Jorge Madruga, has become a major player in the borough's redevelopment. The firm is behind several key projects, including the massive overhaul of the historic Kingsbridge Armory into a community hub called El Centro, which was recently approved by the Landmarks Preservation Commission and will include 450 affordable units.
Yahoo
09-05-2025
- Business
- Yahoo
Adams weighs turning Kingsbridge Armory into semiconductor plant amid Trump trade war
Mayor Adams is weighing the possibility of turning the Kingsbridge Armory in the Bronx into a semiconductor manufacturing plant, and he has discussed the idea with President Trump amid the administration's ongoing trade war with China over tariffs. Adams discussed the idea of establishing chip manufacturing with Trump during a January meeting with the president, he told Piers Morgan in an interview posted Thursday. Trump has roiled the nation's economy as he pursues a harder line on imports, arguing a key goal is to protect and restore American manufacturing. 'As I stated, [it] was about bringing jobs to New York,' Adams told the media personality. 'There's a place in the Bronx where we just put $100 million into an armory there, and I want to produce and develop chips there so we don't continue to be dependent on sources outside the country. And that was what our conversation was on.' Kayla Mamelak, a spokesperson for the mayor, confirmed he is weighing using the site to manufacture computer chips. Mamelak said that the country gets the semiconductors from overseas, and that bringing production locally would bring manufacturing jobs to New York City. This idea comes as the president has escalated tariffs on Taiwan and China, two major suppliers of the computer chips for the U.S. The potential change of approach for the armory could run counter to current plans to create recreation and community spaces, an entertainment venue and affordable housing in the long-vacant space. It's unclear how a plant would affect those plans. Shortly before the January meeting with Trump, the mayor's administration selected 8th Regiment Partners, an LLC made up of Maddd Equities and Joy Construction, to develop the huge space. Sources with direct knowledge of the situation said Maddd's founder, Jorge Madruga, met with Jared Kushner, the son-in-law of Trump, in Florida around the same time to discuss the possibility of federal funding for the semiconductor project. A spokesperson for Madruga did not immediately respond to an inquiry. Bronx Councilwoman Pierina Sanchez, who represents the district that includes the Kingsbridge Armory, noted the development plan includes a 'manufacturing' component. She said she has heard from stakeholders involved in the plan that semiconductor production is a potential avenue being explored for that component. Since his inauguration, Trump has taken steps to escalate trade wars on countries including China. In discussing the possibility of a semiconductor plant in the Bronx, Adams echoed Trump's economic views. 'We've been held hostage by China,' Adams said during the Piers Morgan interview. 'Just about every product we have is made in China. We know that we can't continue to go down that road.' Adams, who faces accusations of being beholden to Trump after his Justice Department dismissed his federal corruption indictment last month, floated similar ideas about a chip plant in the Bronx during a recent appearance on comedian Andrew Schulz's podcast, 'Flagrant.' 'I want to revitalize the economy,' Adams said during the April interview. 'I want to put a chip plant up in the Bronx, where we can make the chips and not be held hostage by Taiwan and others.' Madruga, Maddd's founder, is a longtime fixture of local politics and a big donor to the mayor and other New York City powerbrokers, including Bronx-Manhattan Rep. Adriano Espaillat. White House officials didn't immediately return requests for comment. Adams' curveball about potentially turning the armory into a semiconductor facility comes as the development contract his administration already entered into for the site has been mired in allegations of favoritism. Manny Tavarez, who was one of the competing bidders on the project, filed a lawsuit in March alleging the selection of Maddd for the development was improper and politically motivated. According to the suit, Tavarez' company, Agallas Equities, was in line to be announced as the winner of the Kingsbridge redevelopment in January — but Adams' administration allegedly then reversed itself at the last minute and instead gave the deal to a consortium of developers led by Maddd after allowing the firm to revise its proposal post-deadline. Tavarez said he has also has filed complaints with the Manhattan U.S. attorney's office and the city Department of Investigation. The Adams administration maintains the Kingsbridge contract was properly awarded after Maddd submitted the best bid. Adams on Friday traveled to the White House to meet with Trump. City Hall spokespeople did not immediately comment on whether the issue of the chip plant had come up in that meeting.
