Madison Realty Capital, USAA Real Estate Co. to Develop $88.5M Multifamily Project

NEW YORK CITY — Madison Realty Capital (MRC) in partnership with USAA Real Estate Co. are developing a 170,918-square-foot multifamily building on the corner of Waverly and Atlantic avenues in the Clinton Hill neighborhood of Brooklyn. The partnership has acquired four properties, plus additional development rights from neighboring properties, through two off-market transactions to assemble a 27,466-square-foot site with 170,918 square feet of development potential. Initially MCR purchased 551 Waverly Ave. for $23.5 million and has now closed on three adjacent properties for $7.5 million to complete the site assemblage with frontage along Atlantic Ave. The partnership expects a total investment of $88.5 million to complete the project. The eight-story residential building will feature 191 apartments, including studio, one- and two-bedroom units, retail storefronts along Atlantic Avenue. Additionally 27,515 square feet of the building will be below grade and used for amenity space, storage space and 96 parking spaces.