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City council approves zoning change, 140-unit complex coming to 49th Ave.

Maddd Equities and Long Island City


Aug. 4, 2014 By Christian Murray

The development company that plans to build a 140-unit complex on the corner of 49th Avenue and 21st Street was granted the zoning change needed to move forward with the project.

The city council voted July 24 to approve the zoning variance—which represented the final step in the lengthy Uniform Land Use Review Procedure needed to get a zoning change.

Maddd Equities, a Floral Park-based developer, is now permitted to go ahead and construct a 12-story complex that will include 10,000 sq. ft. of ground floor retail space.

The zoning change was needed since on one section of the proposed site, the developer was only permitted to build 2 times the lot size—while on another portion of the site Maddd Equities was permitted to build 5 times the lot size.

Maddd Equities needed a FAR of 5.0 across the entire site in order to go ahead with its plans. It also wanted the Long Island City special zoning district to be extended a block farther to include its site—which would include it in the outdoor café district.This application was also approved.

The developer, in order to get the zoning change, went before Community Board 2 with few issues—particularly after pledging to build 28 affordable units (with a preference for local residents), 100 accessory parking spaces and art space.

The Queens Borough President and City Planning Commission signed off on the proposal without issue.

Representatives for the company, in a public hearing earlier this year, said that they planned to start work on the complex later this year.

Jorge Madruga, the chief executive of Maddd Equities, said in December that he anticipates that 50% of the units will be 2 bedroom apartments, with the remainder being split between studios and 1 bedroom units.

The site is currently used as a privately owned parking lot- licensed for 100 vehicles and 70 bicycles.

Maddd Equities anticipates that the building would be completed by 2017.

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