Real Estate Week reported that MADD Equities is moving forward with a new Harlem development, after closing on a $15 million loan for the acquisition of the final site ~ with the entire lot encompassing 124 – 132 East 125th Street, which includes the old Apple Bank building. Demolition expected in 2022, with anticipated completion in 2024.
According to Urbanize, the new 100,000 square-foot structure will include office, retail and a community center. Here’s a first look. The complex will be designed by Aufgang Architects, who redeveloped the historic Victoria Theatre, on the other end of 125th Street in Harlem.
Acquiring the parcel on the corner of East 125th Street and Lexington Avenue (pizza parlor) was a crucial part of the plan, merging the site and its air rights with the neighboring owned properties, allowing for a larger development site.
“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.”
You will remember that MADD acquired the site last November, 2020 from the DREAM Charter School. The new construction will be a ground-up development on the 125th Street corner, and will include retail/commercial and community facilities.
The new MADD project is directly across Lexington Avenue from the old Pathmark supermarket, which has since been leveled and is now an empty lot owned by Extell Development, with plans to build a new nine-story, 440,000+ square-foot office building. The properties on the corner of 125th Street and Lexington Avenue are next to the #4,5,6 subway station, and two short blocks from Metro North Station.
Below are a few pictures of the interior of 124 East 125th Street, which started life as the Harlem Savings Bank in 1907.
Construction board lines the front of 124 East 125th Street, with workmen busily going in and out. We are (as of today) unable to take a look inside to see if the historic interior is still in tact. Stay tuned.
Read more about East 125th Street, a work in progress.
Don’t get lost. Get an East Harlem Map.