December 26, 2023
The Real Deal

MAG adds major partner, snags $73M for Chelsea project

Bank OZK funds another deal for developer

MaryAnne Gilmartin’s firm secured a new partner for its apartment building in Chelsea, along with $73 million in construction financing.

MAG Partners and Safanad are partnering with MetLife Investment Management to build a 188-unit building at 335 Eighth Avenue.

The joint venture also closed on a $73 million loan from Bank OZK.

In January, MAG and Safanad inked a 99-year ground lease for the site, which is controlled by Penn South, a 10-building Mitchell-Lama housing cooperative.

The co-op’s board voted in 2021 to create a ground lease at 335 Eighth Avenue, as a way to generate income on the site. At the time, various leases on the site were ending in the 60-year-old retail building, for tenants including Gristedes, McDonald’s and a tennis center.

Demolition and construction began in the fall of this year, though foundation footings were in place for the project to qualify for the now-expired property tax break 421a. The project will include 188 apartments, 30 percent of which will be set aside as affordable. To ultimately qualify for the tax break, construction will need to be completed by June 2026, though the development team estimates the bulk of work will be done by late 2025. 

This latest closing follows another for MAG Partners last month. Bank OZK provided $95 million in construction financing for 300 East 50th Street, a 195-unit project in Turtle Bay.

“It is thrilling to end 2023 with a second residential closing and now nearly 400 units under construction in Manhattan,” Gilmartin said in a statement. 

Construction financing isn’t easy to come by for multifamily projects, especially those scrambling to meet the 421a completion deadline. Lenders have mandated that developers guarantee that construction is completed even earlier than 2026. Recognizing developers’ challenges, the Adams administration launched a task force this month to help projects meet the tax break’s deadline.



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December 26, 2023
MAG Partners

MAG Partners and Safanad Secure Joint Venture with MetLife Investment Management to Capitalize $150M Development at 335 8th Avenue 

MAG Partners and Safanad Secure Joint Venture with MetLife Investment Management to Capitalize $150M Development at 335 8th Avenue 

JV Secures $73M Construction Loan from Bank OZK for passive house residential building on the Penn South Coop Campus in Chelsea 

NEW YORK, NY. [December 22, 2006] – MAG Partners and Safanad announced today their partnership with MetLife Investment Management to capitalize 335 8th Avenue, a $150M luxury residential building in Chelsea. The partnership also announced that it has closed on a $73 million construction loan with Bank OZK for the 188-unit, mixed-use development now under construction. The building has been designed to achieve Passive House and LEED Gold certifications.  

“It is thrilling to end 2023 with a second residential closing and now nearly 400 units under construction in Manhattan,” said Founder and CEO of MAG Partners, MaryAnne Gilmartin.  “Our beautifully designed passive house building will be an incredible addition to the West Chelsea neighborhood and contribute to the ongoing success of Penn South’s mission.”  

“Safanad is pleased to capitalize its third multifamily development in Manhattan with MAG Partners, building on the success of our Ruby Chelsea and 50th Street projects”, said Danny Jumblatt, Managing Director at Safanad. “We believe these projects are emblematic of the strength of our partnership with MAG Partners and expect them to perform strongly in the face of limited incoming supply over the next few years.” 

“This new development will bring a dependable source of commercial income to our limited-equity community. Coupled with a high-quality supermarket, Lidl, and 30% of the new apartments being set aside as affordable housing through the 421a program, the new building fits Penn South’s commitment to serving our community. We are excited for this project that will enhance our residents’ and neighbors’ quality of life,” said Ambur Nicosia, Board President of Penn South. 

Today’s announcement follows on MAG Partners and Safanad closing a $95M construction loan with Bank OZK in partnership with Global Holdings at 300 East 50th Street last month. The investment caps a productive year for MAG Partners in the Manhattan residential market, including the start of leasing at Ruby at 243 West 28th Street and the start of construction at East 50th Street and 8th Avenue. The woman-owned development company now has nearly 1,000 units of mixed-income housing in development in New York City.  

MAG Partners was selected by the affordable homeownership coop Penn South to develop the parcel on a 99-year ground lease. Located at 26th Street and 8th Avenue, the residential building, designed by COOKFOX, will include a 20,350 SF ground floor grocery operated by Lidl.  Construction at 335 8th Avenue commenced in September 2023, with a ceremonial groundbreaking with local elected officials in early October.  First occupancy is expected in late summer 2025 and substantial completion in late 2025.  

JLL helped secure both the equity and construction financing for the project. JLL’s Capital Markets Debt Advisory team was led by Managing Director Geoff Goldstein and Senior Directors Jillian Mariutti and Stephen Van Leer. The Sales and Equity Placement team included Senior Managing Directors Rob Hinckley and Jeff Julien and Director Nicco Lupo. The deal was led by Jeff Rosen, Principal, and Adam Freindlich, Vice President, of MAG Partners and Danny Jumblatt, Managing Director, and Riley Solter, Senior Associate, of Safanad.  

About MAG Partners 

MAG Partners is a New York City based, woman-owned, urban real estate company with decades of experience developing in the New York City area. Collectively, the MAG Team has developed nearly 3,520 housing units and over 14.7 million square feet of office, residential and mixed-use assets. MAG Partners currently has nearly 1,000 units of multi-family development under the Affordable New York program in Manhattan today. In addition to 300 East 50th Street, Ruby, a 480-unit luxury building in Chelsea designed by COOKFOX, began leasing in late March to strong demand. Earlier this fall, construction began on 335 8th Avenue, a 188-unit mixed-income residential building with a Lidl grocery store.  

About Safanad 

Founded in 2009, Safanad is a global holding company combining investment and operational excellence. We develop deep conviction behind investment sectors that have strong macroeconomic tailwinds, build powerful operating platforms to capitalize on these opportunities, and realize the greatest value from this expertise through organic growth and acquisitions over time. Safanad invests in impact, with platforms in Education, Healthcare, Digital Infrastructure, and Real Estate. From offices in New York, London, Riyadh, and Dubai, the firm’s c. 40 professionals have completed more than 40 transactions totaling $10 billion. For more information, please visit www.safanad.com  

MAG Partners Media Contact: 

Ashley Cotton [email protected] 

December 14, 2023
Baltimore Business Journal

Ravens take space at Baltimore Peninsula to showcase new stadium suites

The Baltimore Ravens have signed a lease to open a suite sales center at Baltimore Peninsula as the team prepares to kick off $430 million in renovations to M&T Bank Stadium.



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December 5, 2023
South Baltimore

BALTIMORE PENINSULA ANNOUNCES RETAIL MARKET ‘THE EXCHANGE’

Today, the Baltimore Peninsula development team announced a new retail tenant coming next year called The Exchange. This “multi-vendor goods and services retail space” will be located on the first floor of the Rye Street Market office building at 301 Mission Blvd.

The Exchange is a partnership with Slutty Vegan Founder Pinky Cole Hayes, who recently announced her restaurants Slutty Vegan and Bar Vegan will be opening in the same building. Hayes will work with the Baltimore Peninsula development team to curate the vendors at The Exchange.

The approximately 5,000 sq. ft. The Exchange will have numerous spaces ranging from 90 sq. ft. to 165 s q. ft. The spaces are designated for local retailers offering “a hyperlocal collection of merchandise and goods.” There will also be a food stall, a seating area, and additional space to be used as a yoga studio and multi-purpose room.

The Exchange will offer “flexible, shorter-term obligations, lower costs to open, and technical support for local, minority and women-owned businesses, furthering the Baltimore Peninsula development team’s MOU commitment to assisting small minority and women business owners with the expansion of their companies.”

Leasing efforts will be led by Andrew G. Segall of Segall Group.

The Baltimore Peninsula development team is comprised of developers MAG Partners and MacFarlane Partners with investments from Kevin Plank and his Sagamore Ventures investment firm, and the Urban Investment Group within Goldman Sachs Asset Management.

“The Exchange embodies our commitment to cultivating a space for local entrepreneurship to thrive,” said Plank in a press release. “Creating a dedicated space for small businesses provides the ideal opportunity for the Baltimore Peninsula development team to further fulfill its MOU commitments, which are an integral piece of our overall vision. We look forward to exploring ideas from the community and working with local entrepreneurs to provide a platform for support and growth through The Exchange.”

“There is a deep well of creative talent and entrepreneurial spirit in Baltimore that deserves a platform for growth,” said MaryAnne Gilmartin, founder and CEO of MAG Partners, in a press release. “I couldn’t be more excited to unveil The Exchange and provide our residents and visitors with a one-stop-shop for the best Baltimore has to offer. As the vision for The Exchange starts coming to life, we welcome all small business owners to reach out and share your ideas for how we can partner to create a unique, unparalleled experience in South Baltimore.”

“After recently celebrating my homecoming at Baltimore Peninsula, I couldn’t be more excited to lean into my role as development partner in Rye Street Market with The Exchange,” said Hayes in a press release. “Uplifting small business owners means a lot to me as a Baltimore-born entrepreneur, and with The Exchange, we’ll be working hard with entrepreneurs to curate an exceptional market experience that celebrates the spirit of Baltimore. As we get ready to open Slutty Vegan and Bar Vegan, I can’t wait to welcome new neighbors to the Baltimore Peninsula!”

This is the fifth retail and food concept announced to open at the Baltimore Peninsula development in 2024. The Exchange joins a revamped Rye Street Tavern by the Clyde’s Restaurant Group, Slutty Vegan, Bar Vegan, and a new coffee shop and general store by Method Co.



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December 1, 2023

MAG Partners and Safanad Form Joint Venture with Global Holdings to Capitalize $200M Development at 300 E. 50th Street

JV secures $95M construction financing from Bank OZK for luxury 23-story residential tower set to open in Turtle Bay in 2025

NEW YORK, Nov. 30, 2023 – MAG Partners and Safanad announced today the formation of a joint venture with Global Holdings, the international real estate development and investment firm led by Chairman and Founder Eyal Ofer, to capitalize 300 East 50th Street. The JV also announced that it has closed on a $95 million construction loan with Bank OZK for the 194-unit, 23-story, luxury mixed-use development now under construction in the Turtle Bay neighborhood of Manhattan.

“300 E. 50th Street is the perfect addition to our growing New York City luxury residential portfolio,” said Eyal Ofer, Chairman of Global Holdings Group. “Anagram Columbus Circle proved the demand for condo-quality rental housing in New York, and this project is another opportunity to bring experience from our pioneering condo developments like 15 Central Park West and the Greenwich Lane to the multifamily market.”

The investment caps a productive year for Global Holdings in the residential space, including the opening of Anagram Columbus Circle, stabilization of Anagram NoMad, acquisition of 51 Irving Place, and record-breaking condo sales at the Novus in Durham, North Carolina.  

“The capitalization of 300 E. 50th Street with a partner like Global Holdings is another massive milestone and proof point for our multi-family approach,” said MaryAnne Gilmartin, CEO & Founder of MAG Partners. “Building on the launch of leasing at our Ruby development in Chelsea and the groundbreaking of 335 8th Avenue earlier this year, we are excited to deliver this beautifully designed addition to the neighborhood.”

MAG Partners and Safanad previously formed a joint venture to acquire properties and sites in the New York metropolitan area as co-general partners, including 300 E. 50th Street.

“Safanad is proud of the partnership’s work to capitalize the 50th Street deal in the face of an extremely challenging capital markets environment,” said Danny Jumblatt, Managing Director at Safanad. “We are confident in the project’s success given the continued robust demand for new rental product in Manhattan and the favorable supply backdrop given the expiration of the 421A program.”

Located on the southeast corner of 50th Street and Second Avenue, 300 East 50th St. will feature 142,290 square feet of luxury residential space and 4,888 square feet of commercial retail space. As part of the Affordable New York program, 30 percent of the units in the building will be affordable to low- and middle-income New Yorkers.

300 East 50th St. will offer an elevated lifestyle featuring a unit mix that includes studio, one-, two- and three-bedroom units. Designed by BKSK Architects, the property will offer a robust amenity program with an emphasis on health and wellness. It will feature a courtyard and rooftop garden, a co-working lounge with meeting rooms, social lounge with a catering kitchen, fitness center, grilling terrace, pet spa and bike and tenant storage.

JLL helped secure both the equity and construction financing for the project. JLL’s Capital Markets Debt Advisory team was led by Managing Director Geoff Goldstein and Senior Directors Jillian Mariutti and Stephen Van Leer. The Sales and Equity Placement team included Senior Managing Directors Rob Hinckley and Jeff Julien and Director Nicco Lupo. The deal was led by Jeff Rosen, Principal, and Adam Freindlich, Vice President, of MAG Partners. The site assemblage was originated by Krown Capital and KRW Realty.

About MAG Partners

MAG Partners is a New York City based, woman-owned, urban real estate company with decades of experience developing in the New York City area. Collectively, the MAG Team has developed nearly 3,520 housing units and over 14.7 million square feet of office, residential and mixed-use assets. MAG Partners currently has nearly 1,000 units of multi-family development under the Affordable New York program in Manhattan today. In addition to 300 East 50th Street, Ruby, a 480-unit luxury building in Chelsea designed by COOKFOX, began leasing in late March to strong demand. Earlier this fall, construction began on 335 8th Avenue, a 188-unit mixed-income residential building with a Lidl grocery store.

About Global Holdings Management Group

Global Holdings Management Group is an international alliance of real estate asset management and investment advisory companies operating across the United States, United Kingdom and Europe. It exclusively develops, advises and manages the real estate assets of Global Holdings Group – which is led and founded by its Chairman Eyal Ofer – across its residential, commercial and hotel portfolios in these geographies. The current portfolio consists of over 10 million square feet of real estate, comprising over 120 properties and 1,500 hotel rooms.

About Safanad

Founded in 2009, Safanad is a global holding company combining investment and operational excellence. We developdeep conviction behind investment sectors that have strong macroeconomic tailwinds, build powerful operating platforms to capitalize on these opportunities, and realize the greatest value from this expertise through organic growth and acquisitions over time. Safanad invests in impact, with platforms in Education, Healthcare, Digital Infrastructure, and Real Estate. From offices in New York, London, Riyadh, and Dubai, the firm’s c. 40 professionals have completed more than 40 transactions totalling $10 billion. For more information, please visit www.safanad.com

Global Holdings Media Contact:

[email protected]

MAG Partners Media Contact:

Ashley Cotton

[email protected]

December 1, 2023
Commercial Observer

Global Holdings Joins MAG Partners, Safanad in $200M Luxury Resi Development

Bank OZK is providing $95 million in construction financing for the deal

MAG Partners and Safanad have formed a joint venture with Global Holdings Group to capitalize their new 23-story, 194-unit, mixed-use luxury residential development at 300 East 50th Street in the Turtle Bay neighborhood of Midtown Manhattan, Commercial Observer has learned.  

Bank OZK (OZK) provided a $95 million construction loan for the $200 million development.

JLL Capital Markets secured both the equity and construction financing for the deal. The JLL debt advisory team was led by Geoff Goldstein and Jillian Mariutti, and Stephen Van Leer. The JLL sales and equity team was led by Rob Hinckley and Jeff Julien and Nicco Lupo

MaryAnne Gilmartin, CEO and founder of MAG Partners, noted that the deal builds on two other multifamily projects her firm has recently developed in Manhattan: 243 West 28th Street, which launched leasing in March, and 335 Eighth Avenue, which broke ground in October. 

“The capitalization of 300 East 50th Street with a partner like Global Holdings is another massive milestone and proof point for our multifamily approach,” said Gilmartin in a statement. “We are excited to deliver this beautifully designed addition to the neighborhood.” 

Eyal Ofer, chairman of Global Holdings Group, called 300 East 50th Street “the perfect addition” to the firm’s growing portfolio of luxury, condo-quality rental housing in Manhattan, which includes Anagram Columbus Circle, a Columbus Circle development that opened leasing in July. 

“This project is another opportunity to bring experience from our pioneering condo developments like 15 Central Park West and the Greenwich Lane to the multifamily market,”  Ofer said in a statement. 

The new development will sit in the affluent Turtle Bay neighborhood of Midtown Manhattan, a small hamlet of mid-20th century buildings just off the East River and near the Queensboro Bridge. 

300 East 50th will feature more than 142,000 square feet of residential space across nearly 200 units and include approximately 4,888 square feet of retail space. Unit sizes will range from one- to three-bedroom apartments, while building amenities will include a courtyard, a rooftop garden, a coworking lounge, a fitness center, a pet spa and individual tenant storage. 

This is yet another deal between MAG Partners and Safanad, companies that had previously formed a joint venture agreement centered around New York metropolitan area acquisitions. The project is also one of the last in the city to be developed using the Affordable New York tax incentive program, more commonly known as 421a. 

Affordable New York requires at least 30 percent of units in a new development be affordable for low- to middle-income New Yorkers.  

“Safanad is proud of the partnership’s work to capitalize the 50th Street deal in the face of an extremely challenging capital markets environment,” said Danny Jumblatt, managing director, Safanad, in a statement. “We are confident in the project’s success given the continued robust demand for new rental product in Manhattan and the favorable supply backdrop given the expiration of the 421a program.”

Construction is expected to be completed in the fourth quarter of 2025. 



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