MADD Equities has secured a $50 million construction loan to turn the long-vacant Ruppert Ice House in the Bronx into a new school.
Jorge Madruga’s MADDD Equities acquired the property at 18-22 Bruckner Boulevard in Mott Haven along with partners Eli Weiss and Drew Katz and is converting the building to a K-12 “DREAM” Charter School. The non-profit school provides inner-city youths of East Harlem, the South Bronx and Newark with opportunities and inspiration by recognizing their potential to fulfill their dreams.
Brad Domenico, Partner at Progress Capital secured the loan.
The 188,000 s/f property will be redesigned by Sir David Adjaye, the architect recently knighted by the Queen of England whose work includes the National African American Museum.
All levels will be fully renovated, including adding specialty classrooms such as a dance room, art room, graphic design lab, a library hall, and a large 6,670 s/f gymnasium. The rooftop will be transformed into a full recreational space/playground for the students.
“It’s one of these projects that you feel will define your whole life,” said Weiss. “You’re taking a building that’s been vacant for decades and using it to educate inner-city youth.”
The property’s history includes serving as a former ice warehouse built at the turn of the century by American brewer Jacob Ruppert, Jr. Ruppert is best known as the owner of the New York Yankees and the man who built the original Yankee Stadium.