Stroock Wins Approval for Madison Realty Capital’s 500K-Square-Foot Development in Queens
New York—November 1, 2018—The largest residential development to be built in central Queens in decades cleared a final regulatory hurdle today, when Stroock & Stroock & Lavan LLP won City Council’s approval for rezoning to accommodate a 500,000-square-foot mixed-use development by Madison Realty Capital, a leading real estate management firm in New York. The project will add 431 apartments, 129 of which will be offered as affordable housing, to the Woodside and neighboring communities.
The development, situated on Queens Boulevard between 69th and 70th Streets, is the first ground-up project in Queens for Madison Realty Capital. Its features include a K through 5 elementary school, dual residential towers and more than 5,000 square feet of local-oriented retail.
“Today’s vote by the City Council will bring much needed affordable housing and school seats to the Woodside community,” said Ross Moskowitz, partner in the national real estate group at Stroock and counsel to Madison Realty Capital. “This is an exciting new chapter, not just for Madison Realty Capital, but for current and future residents of Queens and revitalizes an eyesore in the area.”
The Stroock team representing Madison Realty Capital also includes John Egnatios-Beene, E. Gail Suchman and Ashley Doukas.
In addition to rezoning the 1.5-acre site, the City Council also approved a large-scale special permit and mapped the site as a Mandatory Inclusionary Housing zone. The development, known as 69-02 Queens Boulevard, includes parking for 240 vehicles and a publicly accessible open space. It won praise from the City Planning Commission in the spring for its conscious preservation of light and air for the neighborhood.
“The careful architectural and planning choices reflected in the design will integrate the development site into the surrounding area and create a benchmark for future developments along Queens Boulevard,” the Commission’s findings said.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C.