East Harlem Developer Plots 125th Street Complex: Report

EAST HARLEM, NY — A developer is planning to build a new office building on East Harlem's central thoroughfare after acquiring a set of buildings that it plans to demolish, the firm announced this week.

Maddd Equities paid nearly $11 million to purchase 132 East 125th St., a corner lot facing Lexington Avenue that is currently home to a pizzeria and bodega, Crain's reported Monday.

The developer previewed the deal last week, announcing that the new site would be paired with 124-130 East 125th St., a next-door lot that includes the former Harlem Savings Bank building, which Maddd acquired from DREAM Charter School last fall for $15 million.

Now, with the 11,600-square-foot site in hand, owner Jorge Madruga told Crain's that he plans to demolish the buildings this year and start construction on an eight or nine-story-tall building, containing retail, offices and a community space.

The site will be merged with air rights from other nearby properties, adding thousands more square feet. Loans for the project were secured by Brad Domenico, a partner at Progress Capital.

The company's other projects include housing developments in the Bronx, Greenwich Village and Midtown.

"Acquiring this parcel was crucial to [Madruga], as it was an important piece of the puzzle needed to proceed with his planned project," the company said in a news release.