NEW YORK, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a New York City-based real estate private equity firm focused on debt and equity investment strategies, today announced it has begun construction of the new school, PS Q340, at its mixed-use development at 69-02 Queens Boulevard in Woodside, Queens in a public-private partnership with the New York City School Construction Authority (SCA) and Department of Education. The property services union, 32BJ SEIU will be responsible for building services.
Located at the nexus of Elmhurst and Woodside neighborhoods, PS Q340 will add approximately 78,000 square feet of educational space to the two-tower property and serve 476 students in pre-kindergarten through fifth grade. Madison Realty Capital will deliver the core and shell of the school, which will occupy the cellar through 4th floors of the east tower, and the SCA will complete the construction.
“We are excited to partner with the NYC School Construction Authority to bring a state-of-the-art elementary school to the growing Woodside and Elmhurst neighborhoods,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “This groundbreaking, held amid a challenging backdrop, is the direct result of close collaboration and partnership with Councilman Holden, City Planning, City Council and the community, and we thank them for their support. Playing a positive role in the communities in which we invest is core to our investment philosophy and we are proud to bring employment and educational opportunities as part of this important project.”
“This project is the perfect example of how government and private business partners can come together to leverage the expertise, resources, and skills to improve education by providing much-needed, state-of-the-art instructional space our children need and deserve,” SCA President and CEO Lorraine Grillo said. “In 2014, we needed more than 10,000 seats to address overcrowding in District 24. When this project is completed, we’ll just be a few hundred seats away from meeting our goal to provide children in the District with all of the space and resources they need to learn and grow.”
Queens Borough President Donovan Richards said, “The 476-seat school being built as part of this public-private partnership will go a long way toward meeting the community’s need for additional school capacity and is an excellent example of how we are building a more equitable Queens. The inclusion of a school in this project was wisely sought by neighborhood residents and community leaders and underscores the importance of having local input in the land use review process. Woodside’s children will benefit for decades to come from the smart decision to have a new school be a part of this development.”
Councilmember Robert Holden said, “After a long road, I’m very pleased that we were able to work together to give this area a school to provide nearly 500 badly-needed additional seats for students. New York’s most vital resource is our children, and they need all the help we can give them.”
John Santos, Vice President at 32BJ SEIU, said, “Madison Realty Capital’s commitment to providing prevailing wage jobs to the workers who will operate the building is more important than ever before. We are pleased that this project will bring good jobs, necessary affordable housing, and a new school to the Elmhurst and Woodside communities.”
In addition to the PS Q340, the project brings 478 residential units to Queens, 30% of which will be affordably priced according to the standards and guidelines set by local officials. The best-in-class building will also offer 15,000 square feet of retail space and top-tier amenities including, a state-of-the-art fitness center with separate yoga room, a fully equipped media lounge, laundry room, storage room, parking lot, bike storage, tenant lounge, third floor terrace, a roof terrace with recreation kitchen and on-site parking.
Madison Realty Capital secured approval for a rezoning through the Uniform Land Use Review Procedure (ULURP) process. The development is one of the first to be developed under the City's Mandatory Inclusionary Housing in the Elmhurst/Woodside Community Board and Council district.
About Madison Realty Capital
Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $13 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
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