MAG Partners tops out construction on nearly 400 units of Manhattan housing on the same day

300 East 50th Street Topping Out Coverage

Less than five years after real estate executive MaryAnne Gilmartin founded her own firm, MAG Partners, and a little over a year after leasing launched at Ruby, its first ground-up project, this amenity-rich, biophilic project has reached 85% leased. However, the woman-owned real estate firm has not rested on its laurels but stayed rather busy: Construction has topped out on not one but two forthcoming projects, 335 Eighth Avenue in Chelsea and 300 East 50th Street in Turtle Bay, on the same day.

300 East 50th Street Topping Out Coverage

Just as Ruby was named in honor of acclaimed fashion designer Ruby Bailey, these projects are expected to be named after influential women. These will be announced at a later date, and leasing on both projects will likely commence in 2025. In the meantime, we take a look at the forthcoming buildings that are set to bring nearly 400 units of mixed-income housing to Manhattan.

300 East 50th Street Topping Out Coverage

300 East 50th Street, Turtle Bay
Developed in partnership with Safanad and Global Holdings | Design by BKSK Architects 23 stories | 194 units

50th Street Team – Danny Jumblatt, JJ Ofer, MaryAnne Gilmartin, Andy D_Amico, Todd Poisson, Kevin Wang, Reggie Kronstadt 300 East 50th Street is taking shape on the southeast corner of Second Avenue and East 50th Street, where it will make a dramatic statement between its towering height, detailed masonry, neutral-toned facade, and setbacks of varying heights. Permits indicate that there will be between ten to twelve apartments per floor on levels 2-15, and only five to seven apartments per floor on levels 16-23. The project also calls for five new trees to be planted on the two street frontages. As footings were laid just before the 421a tax abatement program expired in June 2022, 300 East 50th Street qualifies for the benefits and has designated 30% of the units inside as permanently affordable. All residents will enjoy access to amenities like a fitness center, a lounge, a bike room, a courtyard, and a roof deck.

335 Eighth Avenue, Chelsea

Developed in partnership with Safanad and MetLife Investment Management | Design by COOKFOX
7 stories | 188 units

Eighth Avenue Team – Ryan Dziedziech, Sara Queen, Andy D’Amico, MaryAnne Gilmartin, Ambur Nicosia, Danny Jumblatt, Rick Cook (Photo: Michael Young)

Just up the street from Ruby, MAG Partners has reunited with that project’s designer to replace the aging Penn South affordable housing cooperative with a new building designed to Passive House and LEED Gold certifications. COOKFOX is known for its biophilic designs, and founder Rick Cook describes the project as “wellness-focused, nature-connected residences for a diverse new community.” Renderings depict a modern take on historic Chelsea character.
Just like at 300 East 50th Street, 30% of units at 335 Eighth Avenue have been reserved for low- and middle-income New Yorkers. In addition to the new housing units, the project will bring new commercial space to this stretch of Chelsea just south of Penn Station, including a 23,000-square-foot Lidl supermarket. Moreover, at the topping-out ceremony, MAG Partners unveiled “Panoramica,” an original painting by Penn South resident Joseph Meloy that will hang on the fence for the duration of construction.

300 East 50th Street Tops Out In Midtown, Manhattan

Construction has topped out on 300 East 50th Street, a 23-story residential building in Midtown, Manhattan. The $200 million project was developed in partnership between MAG Partners, Global Holdings, and Safanad, and was designed by BKSK Architects. The 170,000-square-foot building was constructed on an assemblage of multiple properties around the corner of East 50th Street and Second Avenue.

The 275-foot-tall structure is planned to yield 194 dwelling units with 30 percent designated as affordable housing under the Affordable NY program. The building will also offer 4,888 square feet of ground-floor retail space.

Amenities at 300 East 50th Street will include a fitness center, a rooftop deck, and bicycle storage.

“300 East 50th Street is a prime example of urban living,” said Eyal Ofer, chairman of Global Holdings. “The building offers a diverse unit mix, robust amenities, and all the elements of an elevated lifestyle. As we continue to expand our NYC luxury residential portfolio and work with the best partners in real estate, we’re proud to join MAG Partners and Safanad on this project and look forward to opening the doors to residents next year.”

The closest subways from the property are the E and M trains, a six-minute walk away at the Lexington Avenue-53rd Street station.

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Just In Time For Moving Season, Homes With View Of Blue

A few years ago, Zillow estimated waterfront homes are worth more than twice the value of homes in general. Access to the water for boating, swimming, fishing and kayaking accounts for some of that premium, as does the presence of waterfront amenities, such as beaches, boat launches and marinas. A more profound factor may be in play, too.

Biophilia is the term for the innate drive felt by humans to be close to nature. According to the National Institutes of Health, there’s both a biological and genetic link between humans and nature.

Biophilic design attempts to create connections within the built environment between the natural world and the humans who occupy built spaces.

The “14 Patterns of Biophilic Design” have been identified to help architects and developers leverage opportunities to bring building design and nature together. Pattern 5 is “Presence of Water.” Research has shown a number of health and wellbeing benefits are associated with proximity to water. They include reduced heart rate and blood pressure, decreased stress, a greater sense of tranquility and improved concentration and perception, leading to the conclusion that the regular sight, sound, and feel of crystalline water can leave us with an increased sense of wellbeing.

With the advantages of living near aqua as clear as natural spring water, can it be long before the waterfront living premium isn’t just double average homes, but maybe triple?

Consider leveraging the insightful truths of Pattern 5 by exploring these waterfront properties, whose “view of the blue” could just enhance your feeling of wellbeing.

Baltimore Peninsula

This 14-million-square-foot, master-planned enclave in South Baltimore, developed by MAG Partners and MacFarlane Partners, overlooks the Patapsco River and features a trio of residential rental communities: Rve House, 250 Mission and 2460 Terrapin. Renters can select from studio, one-, two- and three-bedroom apartments and take advantage of amenities that include rooftop terrace lounges with water views.

“We have witnessed resident desires shift greatly over the past few years to prioritize mental and physical health,” says MaryAnne Gilmartin, MAG Partners founder and CEO. “Not only are they seeking pristine indoor amenities, but also an abundance of open waterfront greenspace right at their fingertips . . . Baltimore Peninsula is unique due to its setting on the Patapsco River, with miles of waterfront trails and an array of free wellness classes offered on an ongoing basis.”

Greenpoint Landing

The Park Tower Group-developed project is a 22-acre site stretching a half mile along the East River waterfront in Greenpoint, Brooklyn. When complete, Greenpoint Landing will feature approximately 5,500 market-rate and affordable residential units, along with five acres of public open space, including a waterfront esplanade and public pier. It is a reflection of the popular modern saying that while for decades, America turned its back on its rivers, today it’s facing straightforward toward them.

“Once an industrial waterfront walled off from the community, the area is now one of the most sought-after residential spaces in New York,” says Marian Klein, president, Park Tower Group.

The Yards

A Brookfield Properties development in Washington, D.C., The Yards when complete will feature two dozen buildings on 48 waterfront acres in the Navy Yard district along the Anacostia River. The project will deliver as many as 3,400 residences, 500,000 square feet of retail, dining and services, a flagship 225-room Thompson hotel, 1.8 million square feet of office and a waterfront park.

“The Yards is unlike any neighborhood in D.C., blending all the perks of urban living with an abundance of green space and waterfront serenity,”’ says Bobby Swennes, head of Brookfield Properties’ Mid-Atlantic and Southeast Region.

One Domino Square

An historic Domino Sugar Factory on the Williamsburg, Brooklyn East River banks has been transformed into three Selldorf Architecture-designed residential towers, including One Domino Square, featuring condos and rental units. “A leading piece of feedback we have received from interested prospective residents is a desire to live close to the water,” says Rebecca Epstein, managing director of residential leasing at Two Trees Management. “Williamsburg in particular offers a balanced blend of waterfront access, plenty of green space at Domino Park and urban vibrancy.”

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MAG PARTNERS CELEBRATES THE TOPPING OUT OF TWO MANHATTAN RESIDENTIAL TOWERS

300 East 50th Street and 335 Eighth Avenue have topped out on the same day, will launch leasing in 2025

NEW YORK (May 29, 2024) — Leading real estate company MAG Partners today celebrated the topping out of two new Manhattan residential towers, a milestone for the woman-owned firm and the next step toward adding much-needed new housing to New York City. The team is delivering nearly 400-units of mixed-income housing on these two properties.

300 East 50th Street – a 194-unit building with 4,888 square feet of ground floor retail – is an assemblage of multiple sites located at the corner of East 50th Street and 2nd Avenue in Midtown East. A $200 million project developed in partnership with Global Holdings and Safanad, the project rises 23 stories and will deliver 30 percent of its units affordable under the Affordable NY program. The site assemblage was originated by Krown Capital and KRW Realty.

MAG Partners also celebrated today the topping out of 335 Eighth Avenue. The team was selected by Penn South, the affordable housing cooperative in Chelsea, to develop the project into a mixed-income apartment building with ground floor commercial space including a 23,000-square-foot grocery store operated by Lidl. The 190-unit building is being developed in conjunction with Safanad and Met Life Investment Management under the Affordable NY Program, with 30 percent of its units reserved for low- and middle-income New Yorkers.

“This tremendous milestone, topping out two projects simultaneously, is a strong testament to our team’s incredible work to secure these sites, begin construction, and finance these deals. We are grateful for the trust and confidence placed in us by our partners and we are excited to be creating high quality, long term value for all of our stakeholders,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners.

“Safanad is proud of the tremendous progress underway at 50^th Street and 8^th Avenue. We are strong believers in the ultimate success of these buildings and results shown to-date speak to the strength of the outstanding team we have working on-site. We look forward to continued progress as our partnership works to replicate the success achieved by Ruby in West Chelsea,” said Danny Jumblatt, Managing Director at Safanad.

300 East 50^th Street

Designed by BKSK Architects, 300 East 50^th Street’s strong corner presence and verticality is created by detailed masonry that melds the traditions of the solid masonry corner towers of the Midtown East and Upper East Side neighborhoods.

In November, MAG Partners and Safanad announced the formation of a joint venture with Global Holdings to capitalize 300 East 50th Street. MAG Partners also recently secured $95 million in construction financing from Bank OZK.

300 East 50th Street is a prime example of urban living. The building offers a diverse unit mix, robust amenities and all the elements of an elevated lifestyle,” said Eyal Ofer, Chairman of Global Holdings. “As we continue to expand our NYC luxury residential portfolio and work with the best partners in real estate, we’re proud to join MAG Partners and Safanad on this project and look forward to opening the doors to residents next year.”

335 8^th Avenue

The 335 8^th Avenue redevelopment replaces an aging building with a modern, contextual seven-story building designed by renowned local architects COOKFOX, who sought to bridge the historical character of Chelsea with 21st century urban living. The building has been designed to achieve Passive House and LEED Gold certifications.

The $150 million project is being developed in partnership with Safanad and MetLife Investment Management. Bank OZK also provided the $73 million construction loan.

“Home to nearly 5,000 New Yorkers, Penn South is a beacon of access and equity in the heart of Manhattan – and it will stay that way, thanks to the project we’re celebrating today,” said Ambur Nicosia, Board President of Penn South. “The beautiful new building at 335 Eighth Avenue will strengthen the Penn South community by providing financial support, a new grocery store, and additional affordable housing units to the neighborhood.”

At the 8^th Avenue ceremony, MAG Partners and Penn South celebrated the unveiling of a temporary work of art on the construction fence in collaboration with ArtBridge, the not-for-profit arts organization who empowers local artists to transform construction fencing. Penn South resident, Joseph Meloy, created an original painting, “Panoramica”, that will face the Penn South community during the duration of construction.

Artist Joseph Meloy said, “’Panoramica’ is a cheerful and colorful landscape, full of abstracted allusions to the natural and man-made world, and arranged horizontally in a way one might find in a side-scrolling video game. I have lived in Penn South since 2012 and long dreamed of bringing a splash of color to the wall at Sandbox Park, where my wife and I bring our two young children.”

MAG Partners and Safanad opened their first residential building, Ruby at 243 West 28^th Street in March 2022. The building has reached 85 percent leased in just over one year of leasing.

Urban Atelier Group is the construction manager for Ruby, 335 8^th Avenue, and 300 East 50^th Street.

For additional information, please visit www.magpartners.com/#our-projects

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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.

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 totaling $10 billion. For more information, please visit www.safanad.com

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 was 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 over 1,500 hotel rooms.

About Joseph Meloy

Joseph Meloy (b.1982) is a visual artist born and raised in New York City. Working in a style he coined “Vandal Expressionism”, his particular brand of post-graffiti abstraction also draws heavily from AbEx, art brut, cave painting and hieroglyphics. Melding the abstract and the figurative, his work delves into the impulses of the subconscious and seeks to transcribe them spontaneously onto canvas, paper and wall in an otherworldly yet distinctly urban visual language.  Bouncing, fluttering, twisting and interlocking, the pieces pile up and fall into place as the marks flicker in and out of representation, coalescing into abstracted impressions of the natural and manmade universe. 

Media Contact:

Ashley Cotton [email protected] 917 328 4313

POWER 100 – #45 MaryAnne Gilmartin

Founder and CEO of MAG Partners

Last year’s ranking: 50

This market feels like it requires magic to get deals done — and that makes MaryAnne Gilmartin something of a magician. Gilmartin’s MAG Partners managed to finance, capitalize and break ground on two apartment building projects in 2023 — in a race against the expiration of the 421a development incentive in New York City.

In Manhattan’s Turtle Bay, MAG partnered with Safanad and Global Holdings on the equity side, and secured a $95 million construction loan from Bank OZK to build a $200 million, 24-story apartment building, scheduled to open in 2025.

Near Penn Station, MAG was selected to build a $150 million co-op building by affordable housing co-op Penn South. The firm partnered with Safanad and MetLife on the equity side, and secured a $73 million construction loan, also from Bank OZK. 

“We’re the poster child for doing the impossible,” said Gilmartin. 

Gilmartin founded MAG Partners five years ago, after spending 22 years at Forest City, where she helped develop a wide range of properties, including most notably the Barclays Center arena in Brooklyn. 

The plucky way that she and her small team completed these more recent deals is a reflection of their ethos, said Gilmartin. As a small, newer and woman-led company, they couldn’t rely on deep pockets or generational wealth to get deals done.

MetLife, for example, usually wouldn’t even look at a company of her size. “Usually MetLife would want to see a very large portfolio. They’re used to more zeros,” said Gilmartin. “When we spoke to them, they were interested in de-risking and doing bite-size business, so they were more open to it.” 

MAG Partners also completed and refinanced Ruby, the firm’s first ground-up apartment development in Manhattan. Outside of New York, the firm is progressing on the Baltimore Peninsula megadevelopment, a 235-acre project in partnership with the family office of Under Armour CEO Kevin Plank that will remake an entire neighborhood on Baltimore’s waterfront. Currently, 1.1 million square feet of office and retail space is already open, out of a total 14 million square feet of entitlement.

As a Brooklynite, Gilmartin loves and resonates with the Baltimore spirit, which really came to the fore after the recent collapse of the Francis Scott Key Bridge. “We love Baltimore because it has that kind of grit and come-from-behind spirit that we like — because it’s similar to Brooklyn,” she said.

Tex-Mex Flair and Karaoke Headed to Baltimore Peninsula

Baltimore’s Rye Street Market will soon see a new restaurant option along with a dedicated karaoke bar.

The MAG Partners and MacFarlane Partners-led Baltimore Peninsula development group has inked two leases with Tex-Mex restaurant concept Urbano and karaoke purveyors Live-K, for a combined 12,300 square feet at the open-air retail and food plaza just a block from the edge of the Patapsco River.

Located in Baltimore’s Port Covington neighborhood, Baltimore Peninsula, as the development was branded in 2022, is a 235-acre project that will feature some 14 million square feet of mixed-use space, 2.5 miles of restored waterfront and 40 acres of parks and green space once fully completed.

Urbano, led by managing partner and executive chef Chad Sparrow and founding partner Larry Walston, is taking 4,500 square feet of space, while LIVE-K, with its 15 rooms for private karaoke parties, will take 7,800 square feet. Live-K’s new Baltimore joint follows the opening of its sister location in Washington, D.C.’s Wharf District in late 2022.

“It’s special to place our footprint in Baltimore and offer our innovative concept in a place that is close to our roots,” Sparrow said in a statement. “The development and vision of Baltimore Peninsula perfectly align with our concept, passion and growth plan.”

Retail leasing for Rye Street Market is handled by MAG Partners’ Sam Spikell and Ed Guiltinan, along with Segall Group’s Andy Segall and Jonathan Garritt. Constantine Gogos of Papadopoulos Properties represented Urbano in lease negotiations, while Shang Wang of Wang Enterprises represented Live-K.

“Our retail strategy at Baltimore Peninsula is driven by the goal of creating a vibrant, dynamic neighborhood. Already, the community’s retail provides critical amenities, exciting activities and enticing food and beverage destinations,” said MAG Partners founder and CEO MaryAnne Gilmartin in a statement.

The new leases continue a string of activity in Baltimore Peninsula over the past year. The development announced 15 leasing deals in December, together totaling 65,000 square feet, with the likes of the Baltimore Ravens, investment firm Sagamore Ventures, Volo Sports and Jersey Mike’s, to name a few. In March, CFG Bank moved into its new 97,000-square-foot headquarters at 2455 House Street at the peninsula.

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