November 9, 2020

No. 9: MaryAnne Gilmartin; Commercial Real Estate Power 50

Gilmartin was appointed interim chief executive officer at Mack-Cali in July 2020 with the firm dealing with activist investor Bow Street Capital. The dissident investor had been trying to elect its own slate of directors to Mack-Cali’s board.

Since taking the helm, Gilmartin has made several strategic deals to help, one of the largest landlords in New Jersey, refocus on more valuable waterfront properties.

She has put together a new team to orchestrate a transformation at Harborside, its mixed-use office campus in Jersey City. The group of professionals, consisting of newly hired experts and internal leaders, will facilitate the repositioning, leasing and marketing of the 4.3 million-square-foot property along the Hudson River.

Gilmartin has become a champion for women in the industry and recently founded her own company, MAG Partners, which just announced plans for a new residential development in Manhattan.

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November 5, 2020
Crain's New York Business

Chelsea strip could hold clues for health of Manhattan development

It’s tucked away, low-key, and a bit rough. But West 28th Street between Seventh and Eighth avenues in Chelsea may hold clues about the mid-pandemic state of development.

The industrial stretch is the site of a handful of major projects, residential and commercial, that appears to be going full steam ahead even as others tap the brakes.

“These seem like tougher times than the last recession,” said Jana Angelakis, who is trying to sell her two-bedroom, two-and-a-half-bath condo at 261 W. 28th St. Since listing the unit last winter, Angelakis has cut its price four times, to $1.7 million from $1.8 million, while also offering it as a rental at $6,250 per month. “But it’s exciting to see what’s happening on this block.”

Of all the new developments, the one with the most immediate risk, perhaps, is the Maverick, an 87-unit, 20-story condo at 215 W. 28th St. Sales begin at year’s end, which will test the area’s luxury appetite.

Though officials have yet to approve prices for the project, which is from developer HAP Investments, they should average $2,400 per square foot, or starting at $1.2 million for one-bedrooms.

In comparison, new one-bedrooms in Chelsea now list for an average of $2.1 million, according to, with one-bedrooms averaging $1.3 million.

“Time has worked against me” with the project, which missed the peak condo market of 2016, said Eran Polack, HAP’s chief executive officer.

The Maverick also features a 112-unit rental portion, with an entrance at No. 225, that was conceived as a hedge against a softening condo market even before coronavirus hit; it will begin leasing this winter. Both the condo and rental will share a pool, saunas and a roof deck.

Other projects are right behind it, like 28&7, a boutique 11-story office building from GDSNY at 322 Seventh Ave., which will open in 2021. Whether the work-from-home trend impacts its leasing remains to be seen, brokers say.

And this month, ground-breaking occurs at 241 W. 28th St., a 479-unit rental planned from MAG Partners.

This fall, MAG turned not to a conventional bank for financing but a private equity firm, Madison Realty Capital, which lent $173 million. 

“As major tech companies continue to sign big leases within walking distance,” MaryAnne Gilmartin, MAG’s founder, said, “We expect to see very strong long-term demand.”

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November 2, 2020
Commercial Observer

MaryAnne Gilmartin; Founder and interim CEO at MAG Partners and Mack-Cali Realty

How flexible are you with negotiating rents?
We are currently repositioning Mack-Cali’s Harborside campus in Jersey City, where we have great office space with million-dollar views available to companies looking to control their full environment post-COVID-19 [pandemic]. For those willing to come across the river, it is an amazing value proposition.

Has your “dead to me” list grown?

Are you in the market for financing?

What would be the signs that things are NOT going to improve in 2021?
I am watching what happens with schools very, very closely.

What do you think will NOT go back to normal?
Only eating indoors. The new outdoor perches for dining in New York City are amazing — thankfully, that silver lining that is here to stay.

I also think residential builders and operators will capitalize on the [work-from-home] phenomenon and innovate with more outdoor spaces and working-from-home services.

Who do you like for mayor in 2021?
That’s a tough one. I am still waiting for a true civic hero to step up. In the decency and humanity front, I do want to commend Corey Johnson for being so human and honest, something we don’t see enough in politics.

What do you think the city and/or state should do to help both real estate and the city?

The mayor needs to start speaking up and stepping up for long-term growth and development for our city. While budgets are tight today, we need to continue to work to increase the competitiveness of New York City with strategic thinking and planning.

How do you think the November election will affect real estate? How do you see a Trump win? How do you see a Biden win?
A Trump win would be another blow to great American cities — and the New York region is atop that list. Biden’s road will be long and hard, but it will recognize the importance a prosperous tri-state area holds for the country and the world.

Where’s your apocalypse bunker? 

My rooftop in Park Slope.

Did you gain or lose weight during quarantine? 

Held steady with a lot more effort!

Sourdough bread, banana bread, other? 


Which TV show have you binged? 

News-binging got in my way.

What restaurant did you go to when restaurants reopened? 

North Fork Table

Where did you quarantine? 

North Fork with my kids.

Biden, Trump or Kanye? 


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