300 East 50th Street Reaches Halfway Mark In Midtown East, Manhattan

Construction is rising on 300 East 50th Street, a 23-story residential building in the Turtle Bay section of Midtown East, Manhattan. Designed by BKSK Architects and developed by MAG Partners in collaboration with Global Holdings, KRW Realty Advisors, Krown Point, and Safanad, the 275-foot-tall structure will span 170,000 square feet and yield 194 units, with 30 percent allocated to affordable housing, as well as ground-floor retail space, a cellar level, and a 30-foot-long side yard. 300 East 50th Street Owner LLC is listed as the owner and Urban Atelier Group is the general contractor for the property, which is located at the intersection of Second Avenue and East 50th Street.

A significant amount of progress has unfolded since our last update in January, when foundation work was still ongoing. Recent photos show the reinforced concrete superstructure now reaching the halfway mark, and metal frame studs and insulation boards beginning to enclose the lower floors. Renderings indicate that the façade will be composed of light gray brick and a grid of floor-to-ceiling windows.

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

Photo by Michael Young

The below Google Street View image details the row of low-rise building that occupied the property prior to demolition work.

300 East 50th Street in Midtown East, Manhattan via Google Maps

The main rendering is oriented south and shows the uniform brickwork across the whole building. The first setback is situated on the 16th floor and topped with landscaped private terraces for select units. There are additional setbacks located on the 18th floor, followed by the roof parapet and mechanical bulkhead lined with metal grilles. The property will feature 100 feet of ground-floor retail frontage on the northern and western elevations, with large bay windows framed by bronze-colored paneling. King Contracting Group will be in charge of installing the CMU blocks, brick cladding, and EIFS panels.

The building is planned to house ten to 12 apartments per floor on levels two through 15, and five to seven apartments per floor on levels 16 through 23. Amenities include a shared rooftop deck, bicycle parking, a lounge, a fitness center, and an inner courtyard.

The nearest subways from the property are the E and M trains at the Lexington Avenue-53rd Street station, which provides a connection to the 6 train at the 51st Street station.

300 East 50th Street’s anticipated completion date is slated for the fourth quarter of 2025, as noted on site.

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What CFG Bank’s swanky new headquarters in South Baltimore says about its growth

Of all the artwork adorning CFG Bank’s new headquarters in Baltimore Peninsula, a simple photograph of three tulip bulbs is among Nicole Donegan’s favorites.

Designers initially suggested adorning the new headquarters for Maryland’s fastest growing bank with images of money or dollar bills. Donegan, CFG’s strategic planning manager, didn’t want to go there. Company leaders settled on a mix of locally produced artwork including the tulips photo — a subtle nod to the flower’s enormous financial boom during the Dutch Golden Age.

“This is all about currency,” Donegan said, looking Monday at the photo on the wall. “But not so obnoxious and obvious.”

The tulips are perhaps the only demure feature inside the sleek new high-rise office space in South Baltimore.

CFG Bank has moved into three floors of 2455 House St. where its approximately 260 employees have panoramic views of the city and waterfront as well as cushy amenities like a café-style employee lounge complete with a sports simulator, billiard table and shuffleboard. The company’s mission statement and other corporate values cast a neon glow along hallways leading to various board rooms, each outfitted with touch-screens displaying whether they’ve been booked for a meeting.

The shiny headquarters are the latest symbol of the company’s rapid expansion. CFG Bank grew exponentially from $1 billion in assets at the end of 2019 to over $5 billion in assets at the end of 2023. CEO Jack Dwyer has previously attributed the bank’s success to its ability to originate creative loans typical of a bigger bank, especially in the nursing home industry.

Since then, the little-known financial institution has bloomed as a prominent player in Baltimore’s business and philanthropic scenes. Look around the city and you’ll notice the CFG name and that of Dwyer on all sorts of civic projects and corporate sponsor lists: the overhaul of the Baltimore arena, expansion of the National Harbor’s floating wetlands and construction of the city’s first Catholic school in about 60 years, to name a few. CFG Bank and Dwyer are also sponsors of The Baltimore Banner.

Dwyer said the company outgrew its Baltimore County headquarters and consolidated two holdings — Capital Funding Bancorp, Inc. and Capital Funding Group Inc. — and their subsidiaries under one roof. Bancorp is the bank’s holding company and the funding group is the entity Dwyer initially founded to loan money in the health care industry.

Every inch of the 97,000 square feet of office space was designed to attract employees back to the workplace after a rise in remote work during the COVID-19 pandemic. And Dwyer is also pledging to cover the cost of child care and pet care for his employees. Those programs are slated to begin in the first quarter 2025, Donegan said in an email.

“We need people back in the city, it’s extremely important,” Dwyer said.

Baltimore has been good to him from a business perspective, he said, and he feels an obligation to give back.

In the meantime, CFG executives said they are continuing to focus on growth. The company is taking on more partners for a second fund targeting residential buildings, including apartment complexes and condos, with the goal of reaching $10 billion in assets and, eventually, going public. Bancorp in January announced it had raised $160 million in capital.

That strategy hints at CFG Bank’s future with its founder serving as CEO. Although Dwyer has long been braided into the bank’s history, he only recently moved into the chief executive role in February. He was already serving as the Capital Funding Group’s CEO at the time of the announcement, which notably did not mention CFG Bank’s longtime CEO Bill Wiedel.

Dwyer credited Wiedel for doing “an absolutely fantastic job orchestrating the commercial bank into the Baltimore community,” he said. His departure from CFG was a result of c-suite level consolidation efforts.

In a statement, Wiedel, who had been CEO since 2018, said he enjoyed his time at CFG Bank immensely.

“I’m extremely proud of what we accomplished during my tenure,” Wiedel said in the statement. “I’m currently exploring quite a few opportunities. I’m excited for what the future has in store.”

Back inside Dwyer’s glass-wrapped corner office overlooking the water, the CEO and several other top leaders including Donegan looked around at their sunny new space in Baltimore Peninsula. There will definitely be room to grow.

“We were bursting at the seams,” Dwyer said.

Correction: This story was corrected to note that CFG Bank has leased three floors for its new headquarters at 2455 House St.

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CFG BANK MOVES INTO NEW HEADQUARTERS IN BALTIMORE PENINSULA AS LARGEST COMMERCIAL TENANT TO DATE

New HQ Accommodates CFG’s Growth, Fosters “Best Place to Work” Award-Winning Culture, and Supports Continued Investment in Baltimore

Baltimore, MD (April 17, 2024) – CFG Bank (CFG), the largest bank headquartered in Baltimore, which provides flexible financing and online banking solutions to the national healthcare and multifamily markets and the Mid-Atlantic region, today announced the grand opening of its new headquarters at 2455 House Street in Baltimore Peninsula. The South Baltimore development, led by MAG Partners and MacFarlane Partners, with investments from Under Armour founder Kevin Plank and his Sagamore Ventures investment firm, and Goldman Sachs Asset Management Urban Investment Group, welcomes CFG as its largest commercial tenant to-date. CFG’s space will also serve as the headquarters for the company’s subsidiaries and affiliates.

The new headquarters supports CFG’s recent and future growth. Featuring 97,000 square feet of office space on three floors, the headquarters, created in partnership with NewGround, was designed with CFG team members in mind. The space was intentionally created to inspire creativity, energy, and an entrepreneurial spirit.

The headquarters features various collaboration areas with a showcase employee lounge, a shared rooftop community space, a library area, full kitchens, an indoor sports simulator, and more. Throughout the space, there are many featured art installations, including full-wall murals, a curated art gallery spotlighting Baltimore artists, and more.

“We’ve reached great milestones over the past few years and the opening of our new headquarters is another exciting mark in CFG’s story. We are not a traditional company, and our new office is anything but a traditional office,” said CFG CEO Jack Dwyer. “Our goal is to maintain a culture where people feel that being part of the CFG family is the best decision of their career. The design of our new HQ was thoughtful and planned to foster our greatest asset – our team and their entrepreneurial spirit, our key differentiator. It’s an exciting time at CFG, and our new HQ is just the beginning. We can’t wait for all that is ahead.”

“We are proud to welcome CFG to the Baltimore Peninsula community and feel honored to be a part of the institution’s impressive growth and unwavering commitment to the city of Baltimore,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “CFG Bank makes a fantastic addition to the neighborhood and an excellent partner as Baltimore Peninsula continues to evolve.”

“CFG Bank has distinguished itself as an institution with an entrepreneurial approach and an ability to make change happen for the better,” said Greg Resh, Executive Vice President and Chief Financial Officer of Sagamore Ventures. “There’s an excitement CFG Bank has fueled at Baltimore Peninsula that you can feel from the moment you arrive. From waterfront residential options, dining destinations, and inspirational business headquarters, we are pleased to continue to offer our residents, the workers at Baltimore Peninsula, and visitors an eclectic mix of the best the city has to offer.”

In conjunction with the opening, CFG has expanded its robust employee benefits package to include employer-paid childcare and pet daycare. CFG has also partnered with Live Baltimore’s Live Near Your Work Program to make homeownership in Baltimore City more accessible for team members. Through the Program, eligible team members can receive up to $7,500 toward a down payment and closing costs for homes in and around Baltimore Peninsula. CFG employees have already utilized the Live Near Your Work Program and moved into Baltimore City.

This announcement follows an exciting year of growth and accomplishments for CFG, including the successful completion of a $160 million capital raise; being named one of the Best Places to Work by Baltimore Business Journal for the third consecutive year; the successful opening of CFG Bank Arena; the closing of over $2.0 billion in loans for its healthcare, multifamily, and commercial clients; and maintaining its position as the largest bank headquartered in Baltimore.

CFG’s office will also serve as headquarters for locally based, national nonprofit Dwyer Workforce Development. CFG CEO Jack Dwyer and his family founded Dwyer Workforce Development in 2021. The 501(c)(3) nonprofit is led by CEO Barb Clapp.

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About CFG Bank 

CFG Bank, headquartered in Baltimore, Maryland, provides flexible financing and online banking solutions to the national healthcare and multifamily markets and the Mid-Atlantic region. CFG Bank is the 6th largest bank in the Baltimore area based on deposits and the largest that is based in Baltimore. CFG Bank has grown from $1 billion in assets at the end of 2019 to over $5 billion in assets at the end of 2023 and is among the five largest and most experienced healthcare bridge-to-HUD lenders in the country, serving its clients and helping them grow for over 30 years. CFG Bank transforms the banking experience by delivering big bank capabilities and expertise, coupled with relationship-driven boutique bank service. CFG Bank has branches in Lutherville and Baltimore City, and a cashless branch in Annapolis. For more information, visit www.CFG.bank, and follow CFG Bank on LinkedIn, Facebook, Instagram, and X.

About Baltimore Peninsula

Baltimore Peninsula is a 235-acre redevelopment project located on Baltimore City’s prime waterfront, featuring investments from Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management. As one of the largest urban revitalization efforts in the United States, Baltimore Peninsula will have a fundamental and far-reaching impact on Baltimore’s future. At completion, this transformative project will include: up to 14 million square feet of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space. The Baltimore Peninsula redevelopment is expected to generate fresh opportunities for innovation and entrepreneurship for Baltimore City residents and its local workforce. For more information on Baltimore Peninsula, visit baltimorepeninsula.com or visit on Instagram, Facebook and X.

Media Contact:

Carson Denbow

Warschawski

(570) 490-0135

[email protected]