Apartment Plans Change At Pratt Post Office Site

The planned apartment building at 504 Myrtle Avenue – the former home of the Pratt Station Post Office – will not be as tall as previously planned, but may end up being larger overall.

In its most recent filing with the Department of Buildings on November 28, developer Madison Realty Group notes that the 86,500-square-foot corner building will be six stories high with 92 housing units and over 35,000 square feet of commercial/retail space on the ground floor.

The filing has not yet been approved and is currently still pending review.

However, the site could actually end up providing 141 housing units – a 35 percent increase – within 142,000 square feet of space, according to The Real Deal.

That is because the lots are reportedly “part of an inclusionary housing district” that allows for an increase in zoning floor area.

If an increase is sought, then at least 20 percent of the larger pool of housing stock must be designated as “affordable.”

Madison Realty Group and its property management arm, Silverstone Development Group, purchased 504-524 Myrtle Avenue for $5.5 million in 2012.

The Pratt Station Post Office is in the process of relocating to a new home at 609 Myrtle Avenue, at Emerson Place.

Madison Realty also owns the property west of the post office and is almost done with construction at 490 Myrtle Avenue – which has been transformed from a one-story building housing the Associated Supermarket into a seven-story building that houses the market and TD Bank on the ground floor with six stories of 93 apartments above.