Maddd Equities, Joy Construction Selected to Develop Kingsbridge Armory.
The New York City Economic Development Corporation (EDC) has selected Maddd Equities and Joy Construction to develop the long-vacant Kingsbridge Armory in the Bronx.
Under its new developers, the 570,000-square-foot armory in Kingsbridge Heights is set to become an event venue with community space, a recreation center, an educational hub and sports fields, according to The City.
The developer, 8th Regiment Partners LLC, won the competitive solicitation process for proposals that kicked off in summer 2023.
The city council approved a land use resolution backing the New York City Economic Development Corporation’s (NYCEDC) application for a $2 million grant to redevelop the Kingsbridge Armory. The grant, part of Empire State Development’s Restore NY program, aims to restore deteriorating buildings to revitalize neighborhoods.
Built in 1917 as a military facility and designated as a historic landmark in the 1970s, much of the armory remains in its original condition—although in disrepair.
The armory needs significant updates to plumbing and electrical systems, fire safety systems, a new roof and new windows. Environmental reports from the late aughts showed hazardous materials on the site like fuel tanks, asbestos and lead-based paint that would need to be removed.
About NYCEDC :
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram
About JORGE MADRUGA: CEO / FOUNDER
Jorge Madruga is the founder and Managing Principal of Maddd Equities, a real estate development and investment firm based in New York. Jorge was born and raised in Havana, Cuba and immigrated to the United States in 1980 as an eleven year old during the Mariel Boat Lift.
Jorge began his real estate career in the construction and home development business and has built over 2,000 two and three family homes in New York.
Since founding Maddd Equities in 2009, Jorge has participated in the development of over 3,000 multi-family units, 1,000 hotel rooms and over two million square feet of commercial space. Jorge is an active figure on housing policy and economic development issues and has worked with various City agencies on projects on revitalizing neighborhoods with developments that focus on community needs.
About Maddd Equities :
Maddd Equities (“Maddd”) is a real estate development firm with expertise in a broad range of real estate disciplines, including investment, development, construction and asset management. Maddd acquires, owns, develops and operates properties across many asset classes, including workforce housing, luxury high-rise buildings, hotels, and commercial developments. Maddd Equities is a leader in affordable housing in the five boroughs building quality workforce housing for low and middle-income New Yorkers.