Connect CRE’s New York & Tri-State 2025 Next Generation Award
By: Amy Wolff Sorter
Adam Freindlich; Vice President
Helped firm secure $350 million in capitalization for construction on two NYC residential projects
Involved with the 14-million-square-foot Baltimore Peninsula master-planned neighborhood
As vice president with MAG Partners, Adam Freindlich structures strategic partnerships, joint ventures and financings, in addition to overseeing the evaluation of new business opportunities. He is responsible for crafting the firm’s investment thesis and corporate business plan in conjunction with leadership.
Freindlich was integral in helping MAG Partners secure $350 million in capitalization to begin the development of two residential buildings in prime Manhattan neighborhoods, the 23-story Anagram Turtle Bay (Midtown East) and the 188-unit Mabel (Chelsea).
He was also involved with the project team in Baltimore Peninsula, a 14 million-square-foot master-planned neighborhood development.
Freindlich serves on the board of the New York Private Equity Network Real Estate Division (NYPEN RE), where he organizes speaking engagements and events for the organization.
These are just a few reasons we chose Adam Freindlich as one of Connect CRE’s New York & Tri-State 2025 Next Generation Award winners. Connect CRE’s annual Next Generation Awards recognize young leaders who will have a strong influence on the commercial real estate industry.
INTERVIEW: MaryAnne Gilmartin on building for New York, one story at a time
By: Michelle Sinclair Colman
MaryAnne Gilmartin, the CEO and Founder of MAG Partners, is no stranger to reshaping New York City’s skyline. As the former CEO of Forest City Ratner, she led the development of landmarks like Barclays Center, the New York Times Building, and 8 Spruce Street. Today, she’s forging a new chapter with MAG Partners and marking a major milestone with the simultaneous leasing launch of two residential towers in Manhattan: Anagram Turtle Bay (“Anagram”) and Mabel in Chelsea.
Anagram, developed in partnership with Global Holdings, rises at 300 East 50th Street with 194 apartments. 30% of which fall under the Affordable NY program, and a lottery is underway until August 21, 2025. On the ground floor, a new concept from the beloved Serafina restaurant group, Serafina Mare, brings a seafood-focused twist to the classic New York eatery.
Images of Anagram Turtle Bay (l) and Mabel in Chelsea (r) (Credit DBOX via MAG Partners)
Across town, Mabel, a tribute to an influential woman in New York City history, sits at 335 Eighth Avenue in Chelsea and was built to achieve Passive House and LEED Gold certifications. Like Anagram, it also reserves 30% of its units for affordable housing. This lottery is underway until August 26, 2025.
For Gilmartin, buildings are more than brick and steel—they’re narratives, layered with intention, place, and people. We sat down with her to discuss the rare moment of launching two projects at once, what sets each building apart, and the values that continue to guide her practice.
What is it like having two buildings launch on the same day?
It’s beyond humbling and truly amazing to have these two buildings launching at the same time. Creating a building is never a small feat. It takes extraordinary people to do extraordinary work, and I’m honored to represent the many who poured their hearts into these projects. They are both labors of love. This is a huge moment for us, each building holds a thousand stories. We’re genuinely gobsmacked.
Anagram Turtle Bay’s residential entrance on East 50th Street
Beyond what may be the first dual launch in the city, you’re a woman in a male-dominated field. Did that add any difficulty?
Being a woman in this field is interesting. I never got the memo that I should feel intimidated stepping into real estate development, an industry still largely dominated by men. I tend to be hyper-focused, surrounded by excellence. I knew it was my time. I believed I could lead a company and build amazing things with amazing people. But the kind of work I wanted to do didn’t fit into the quarterly demands of public markets, where the focus is always “What have you done for me lately?”
Development is a long game. And in the public realm, you’re often better off as an operating company dabbling in development, not leading with it. That realization became my impetus for leaving. At my core, I’m a builder. I needed the freedom to build on my own terms, in the private market. That was seven years ago.
Groundbreaking for Mabel (via Urban Atelier Group (UAG))
In my seven years at MAG, we’ve delivered 1,000 units. That’s a monumental effort, especially with a global pandemic, the expiration of 421a, and countless other headwinds. We’ve been navigating a historic series of challenges. And still, we managed to complete three buildings. It’s a testament to resilience and vision.
At the heart of our mission is a belief: you can build beauty, you can add real value…and you can do it with a team that reflects the city we live in. That’s what we stand for. That’s what we’re out to prove.
Construction wrapping up at Anagram Turtle Bay in May 2025 (CityRealty)
What do you see as the biggest differences between the two projects?
The differences start with geometry and site constraints. The Midtown site, Anagram, is tightly woven into the urban grid – every inch mattered. It was like choreographing a daily ballet of machines and people. We didn’t have the luxury of space. Building so close to the UN meant dealing with security shutdowns, holidays, motorcades—it’s classic New York, and Anagram is no exception.
In contrast, Chelsea offered a kind of rolling meadow by city standards. It’s lush, green, and we had the space to think expansively. The building is low and wide rather than tall and thin, which gave us logistical freedom and marketing advantages. Even though both buildings have roughly the same number of units, the configurations are totally different.
The Chelsea building is part of a long-standing cooperative community—about 3,500 residents who’ve been living in what I like to call a Kennedy-era model of affordable housing. They care deeply. We were a good match for that project because our team approached it with nuance – not just about construction, but about communication, daily coordination, and mutual respect.
Mabel (DBOX)
Are the similarities between the two just as powerful?
Both projects are deeply embedded in walkable, vibrant communities. They celebrate great architecture and sustainability. They were designed as sanctuaries -when you walk in the door, there’s a palpable sense of serenity. That’s intentional. From the rooftops to the lobbies, to the units themselves, there’s a tenderness in the design. These aren’t transactional spaces, they’re life-giving.
Both also feature game-changing retail. In Chelsea, we knew from the beginning that we were in a food desert. Before we even broke ground, we imagined a long floorplate tailored to a grocer. We were approached by the Lidl supermarket brand. That kind of anchor retail took a huge amount of risk out of our underwriting.
At Anagram, it was a different kind of culinary renaissance. Serafina approached us. They were so confident in the building and its audience that they committed not just to a restaurant, but to participating in our hospitality and room service model. That added a new layer of luxury. We’re proud of how we executed the retail vision in both locations.
I believe these buildings will outperform. They’re a cut above. Every detail has been considered—closets, kitchens, light, air, layout. The market will feel that difference through the quality of life and caliber of our tenants.
Do both buildings prioritize sustainability similarly?
Both buildings foster a strong indoor/outdoor connection with thoughtfully integrated green spaces that bring garden culture to life. This is integral to our overall approach. We made a real commitment to building Mabel to Passive House standards. People think Passive House is expensive, and, it is, but the long-term savings for renters are significant.
Rick Cook and his team at COOKFOX inspired us with their biophilia. When Rick asked, “Can we try this?” I said yes…even though it came with serious challenges. Every time the budget tightened, there was an option to cut Passive House and hit our numbers. But being the boss means you get to say, “No, we’re not cutting it.”
Our staff would arm wrestle for the chance to work on this. Everyone felt the meaning behind it. We made sacrifices (for example, no pool), but our Passive House speaks to a new generation of residents who care deeply about how they live. For them, sustainability matters more than amenities. That’s why we named the Chelsea building after Mabel Osgood Wright, an unsung environmentalist hero. That won’t be lost on the people who choose to live there. Beyond that, they will save up to 60% on their operating costs. That’s real, provable value.
Corner living room at Mabel. Residents can save up to 60% on operating costs, including heating, cooling, and electricity, thanks to the development team’s sustainability efforts.
Who is going to live in these buildings?
Each building attracts a slightly different demographic. At Anagram, which we’re developing in partnership with Global Holdings, we’re seeing more three-bed inquiries from families. Space is the greatest luxury in New York, and people really value it. Midtown draws a mix of working professionals, the young and not-so-young. And with proximity to offices like JPMorgan. It’s a “15-minute city” concept where everything you need is a 15-minute walk from your home.
At Mabel, you’re within the confines of a cooperative community. We think tech workers will gravitate there, especially with hybrid work here to stay. The West Chelsea location also has a big educational draw where students and their families want a safe, sophisticated environment near world-class institutions. That mix of art, education, and community is powerful.
Rooftop terrace at Mabel (Credit: DBOX)
What does the future look like for NYC renters?
I believe these buildings could be bellwethers for what the city wants and needs. Beyond that, affordable housing is core to our mission comprising about 30% of our homes. We’ve studied and hacked the programs to make it possible to build high-quality mixed-income housing across the city. For the first time, I’ve heard every mayoral and gubernatorial candidate acknowledge that the housing crisis is real. And we’re among the best equipped to meet that challenge.
Personally, I’d love to do more conversions. My first love was office development, like the New York Times Building. But in my “field of dreams,” I want to lead the next wave: a brand-new, 21st-century vision of housing in New York.
From the Listing: One bedroom residence with private terrace! Offering 1 month OP and 1 month free on a 13 month lease! Discover Mabel, a rental property that redefines sustainable modern living by blending thoughtful design and natural tranquility. Abundant natural light, lush green spaces, and a commitment to peace and comfort at every level create an environment as serene as it is enchanting. See floor plan and full details here.
Anagram Turtle Bay, #4F (Douglas Elliman Real Estate)
From the Listing: Now Leasing: Elegantly Designed Studio to 3-Bedroom Residences Offering 1 month OP and 1 month free on a 13 lease. Inside, bright and airy studio to 3-bedroom residences feature oversized windows with iconic Manhattan views, elevated ceiling heights, White Oak-style flooring, in-unit Bosch washer & dryers, and smart home conveniences like programmable climate control and keyless entry. Residents enjoy three thoughtfully designed levels of indoor and outdoor amenities, including wellness and social spaces that foster community and connection with nature. Net effective rent advertised. See floor plan and full details here.
Anagram Turtle Bay, #5E (Douglas Elliman Real Estate)
From the Listing: Now Leasing: Elegantly Designed Studio to 3-Bedroom Residences Offering 1 month OP and 1 month free on a 13-month lease.
Anagram Turtle Bay is a refined residential experience shaped by the energy of New York City. Inside, bright and airy studio to 3-bedroom residences feature oversized windows with iconic Manhattan views, elevated ceiling heights, White Oak-style flooring, in-unit Bosch washer & dryers, and smart home conveniences like programmable climate control and keyless entry. See floor plan and full details here.
Since Adam Freindlich was from New Jersey and interested in real estate, working for a developer of New Jersey waterfront properties seemed like a pretty good job.
Yet, after three years at Roseland Residential, the Wharton grad went to work at a real estate private equity firm, hoping to learn a different aspect of the business.
After he spent just five days in the office, COVID-19 hit. Freindlich was now relegated to sitting on his couch, trying to bond with his team through online Zoom meetings. So, when the phone rang — and even though the screen said “unknown number” — he answered.
The caller was MaryAnne Gilmartin, a New York real estate legend who had been hired as interim CEO at Mack-Cali, the company of which Roseland was a part. “She wanted to get my take on the people, the company,” Freindlich recalls.
His honesty and forthcoming attitude was enough to impress Gilmartin. She offered him a temporary job two weeks later. Said Freindlich: “It didn’t take that much convincing.”
After the interim gig ended, Freindlich followed Gilmartin to her own development shop, MAG Partners. The firm was wrapping up being awarded a development on the Penn South campus in Chelsea.
And just like that, Freindlich had a great job, one he calls a “master class.” He structures strategic partnerships and manages assets through all phases of investment. In June 2025, the Chelsea multifamily project named Mabel and another MAG Partners project, Anagram Turtle Bay, opened for leasing on the same day.
Across the two projects, Freindlich led efforts in conjunction with firm leadership to secure $169 million of total construction loan financing and $124 million in new equity investment. These commitments represented 83 percent of total project capitalization, sourced from MetLife, Global Holdings, and Bank OZK.
The two projects are each about 200 units, but in other ways they are very different. In contrast to the 23-story tower of Turtle Bay, Mabel is seven stories, built horizontally to stay contextual within the environment south of Penn Station.
“Not just to maximize returns but to build the user-centric neighborhood enhancement,” explained Freindlich. “To enhance the neighborhoods, I think that’s our special sauce.”
The deal with MAG Partners and MacFarlane Partners notches the second lease within thepast month at the Rye Street Market area
MARYANNE GILMARTIN, FOUNDER AND CEO OF MAG PARTNERS, AND BALTIMORE PENINSULA’S RYE STREET MARKET
Baltimore Peninsula development with office tenants, with the latest beingreal estate services firm Newmark.
Newmark inked a 4,550-square-foot lease for 301 Mission Boulevard at Rye Street Market, a four-building complex in the middle of Baltimore Peninsula,Commercial Observer has learned. The project’s development team, aside fromMAG and MacFarlane, also includes Sagamore Ventures and a Goldman Sachs affiliate.
Cushman & Wakefield’s Courtenay Jenkins, Linn Worthington, MattMelnick and Rich Thomas represented the landlord in the deal.
“Rye Street Market is well positioned to meet the needs of tenants across themarket, and we’re excited to see increasing leasing momentum thatdemonstrates the strength of our product,“ said MaryAnne Gilmartin, MAGPartners founder and CEO. A representative for Newmark did not immediatelyrespond to a request for comment.
The lease is the developers’ second at Rye Street Market within the last 30 days.PricewaterhouseCoopers signed a 23,000-square-foot downsizing lease in mid-May at 301 Mission Boulevard, joining other tenants there, including the Baltimore Ravens and design firm Chambers.
Gilmartin, meanwhile, recently sat down with Commercial Observer to discuss several multifamily developments her firm is rolling out in New York, as well as the latest on her firm’s Baltimore plans.
June 10, 2025
MAG Partners
MAG Partners and Global Holdings Announce Leasing Launch, First-Ever Serafina Restaurant Spinoff at Anagram Turtle Bay In Manhattan
By: MAG Partners
Designed by BKSK Architects, Luxury Living Is Redefined In Turtle Bay Atop New Italian Food Concept Coming Soon
Renderings can be viewed HERE, credit: Williams New York
NEW YORK – (June 10, 2025) –Prominent woman-owned leading real estate company MAG Partners, in partnership with Global Holdings, the international real estate development and investment firm founded and led by Eyal Ofer, today announced the residential leasing launch at Anagram Turtle Bay, located at 300 East 50th Street in Manhattan’s Turtle Bay neighborhood. A bold reimagining of what modern urban living can be, Anagram Turtle Bay comprises 194 apartments with thoughtful design and a diverse unit mix, delivering 30 percent of its units under the Affordable NY program. Additionally, the firms have announced a lease signing with Serafina Mare, the first-ever Serafina’s restaurant spinoff with a special menu focused on seafood, offering perks for residents including discounts and room service. The restaurant comprises the entire ground floor of the residential tower and is expected to open in Fall 2026.
Anagram Turtle Bay is MAG’s third New York City residential development with naturally enriching amenities and homes, and Global’s fourth building in its growing Anagram collection. The announcement comes at the same time as MAG Partners launched leasing at Mabel, its second NYC development comprising 188 units at 335 8th Avenue in Chelsea that will also deliver 30 percent affordable.
“Both Anagram Turtle Bay and Mabel — which remarkably tracked on the same construction and launch timelines — demonstrate our commitment to building with integrity. Every detail has been given the deepest level of thought and consideration as we help raise the standard of what it means to live in New York City,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “In addition to providing much needed housing, we’re also welcoming an exciting new restaurant concept from the celebrated Serafina brand, delighting tenants with this new dining experience. Anagram Turtle Bay is an exciting new addition to the energy that continues to build in this area of Manhattan.”
“This successful partnership with MAG Partners and Safanad has resulted in New York City’s newest premiere residential experience,” added Josh Feder, Senior Vice President, Head of Investments, Global Holdings. “Anagram Turtle Bay further establishes the Anagram brand synonymous with an elevated, luxury urban lifestyle.”
The 23-story tower — located at the corner of 50th Street and Second Avenue amongst tree-lined streets — is the newest in the city’s growing Anagram collection, synonymous with an elevated lifestyle and curated living experience that stands out in today’s rental market. Global’s last Anagram project, Anagram Columbus Circle, also in Manhattan, achieved full lease up last year. Fostering a unique sense of community and place, the prime Midtown East location offers immediate access to multiple subway lines, ideally situated between the energy of the Central Park and the East Midtown office district and the serenity of the East River.
MAG Partners is no stranger to redefining city living. Combined with the launch of Mabel, and the firm’s past success with Ruby — its 480-unit residential tower at 243 West 28th Street that opened in 2023 and is now fully leased and stabilized — Anagram Turtle Bay cements MAG Partners’ reputation for creating residential spaces that stand apart.
Also developed in partnership with Safanad, and exclusively marketed and leased by Douglas Elliman Development Marketing, Anagram Turtle Bay’s 194 residences are bright, welcoming, and thoughtfully crafted to elevate everyday living. Oversized windows flood each home with natural light, framing quintessential Manhattan views. The residences range from studios to three-bedroom layouts and feature elevated ceiling heights, White Oak Style flooring, in-unit Bosch washers and dryers, and smart home features such as programmable climate control and keyless entry. Kitchens are intelligently designed with tailored natural-finish cabinetry, quartz countertops, full-height porcelain tile backsplashes, and a state-of-the-art Bosch appliance package with induction cooktops—perfect for entertaining or savoring meals from one of the neighborhood’s many culinary destinations.
Bedrooms offer a sense of retreat with integrated blackout shades and generous storage, including walk-in closets in most units. Bathrooms are spa-like sanctuaries, with primary baths featuring mosaic tile-accented showers and custom quartz-topped vanities, while secondary baths are styled with terrazzo flooring and porcelain tile accents.
Designed by BKSK Architects with detailed masonry, rooted in the neighborhood’s legacy of hidden mid-block gardens, Anagram Turtle Bay fosters a strong indoor/outdoor connection with thoughtfully integrated green spaces that bring garden culture to life. The approach creates homes that feel grounded in their environment while offering a peaceful retreat from the urban pace. Allowing New Yorkers to live their best New York life, amenities include three floors of stylishly composed offerings designed to elevate every aspect of city life. This includes a Fitness Lab with cross training, cardio and strength training options; a garden and its lounge including an apertivo bar, study and library for work or socializing; the Serafina Mare special menu and room service; media lounge with fireplace; and the 24th floor rooftop — a showstopper with sun loungers and grilling stations and panoramic views of the city skyline.
“It has been a great thrill for BKSK to design the newest addition to MAG Partners’ collection at 300 East 50th Street in Manhattan. Our collaboration has resulted in a commanding corner presence at this important intersection, embodying our concept of bridging Midtown East and Turtle Bay with a contemporary interpretation of historic brick detailing seen in landmark corner residential buildings of both districts,” said Todd Poisson, Partner, BKSK.
Founded by Vittorio Assaf and Fabio Granato of Serafina Restaurant Group, first-class Italian restaurant Serafina has been a favorite of New Yorkers since it first opened on the Upper East Side in 1995. The duo have since expanded the brand across three continents with dozens of restaurants. This game-changing restaurant spinoff – comprising more than 5,000 square feet of street level and below grade space — is the 13th Serafina location in NYC and the first Serafina Mare concept. The menu will have a specific emphasis on seafood. Residents will have a special menu and delivery service from the restaurant.
“We are honored and excited to open the first Serafina Mare on the ground floor Anagram Turtle Bay. We anticipate establishing meaningful connections with the tenants and the entire Turtle Bay community as we introduce this new and exciting seafood concept from our beloved brand,” Granato said.
MAG Partners represented itself in the deal. Serafina Mare was represented by Micheal Azarian of Cushman & Wakefield.
For more information please visit anagramturtlebay.com.
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About MAG Partners
MAG Partners is a woman-owned, urban real estate company with decades of experience developing impactful, iconic, large-scale projects throughout New York City. Led by MaryAnne Gilmartin, together the MAG Partners team has successfully designed, built and operated over 7 million square feet of office, residential and mixed-use projects, including over 2,000 units of housing, with a total value of over $4.5 billion. The firm believes and has proven that principles of beauty, diversity and sustainability create lasting value.
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 Serafina Restaurant Group
Founded in 1995 by Vittorio Assaf and Fabio Granato, Serafina Restaurant Group is a global
collection of Italian eateries that began with the highly acclaimed Serafina Fabulous Pizza
on Madison Avenue New York City. Specializing in contemporary Italian cuisine, Serafina
has expanded across Manhattan and into eight countries, offering quality ingredients
paired with an energetic and welcoming vibe. The Serafina family includes its flagship
Italian restaurants, the French-inspired Brasserie Cognac, and Tokugawa Sushi. With 41
locations worldwide, Serafina has become an affordable luxury known for fostering a social
and inviting environment.
About BKSK
Established in 1985, BKSK is a 4-partner, 40-person design firm based in New York City. As architects and scholars of the environment, both built and natural, BKSK believes that great design has meaning and consequence. What we build, how we build it, and how it is used, matters. The firm creates meaningful, thoughtful, and beautiful works of architecture.
About Douglas Elliman Development Marketing (DEDM)
Douglas Elliman Development Marketing, a division of Douglas Elliman Realty, offers unmatched expertise in sales, leasing, and marketing for new developments throughout New York City, Long Island, Westchester, New Jersey, Florida, California, Massachusetts, and Texas. The company’s new development hybrid platform matches highly experienced new development experts with skilled brokerage professionals who provide unparalleled expertise and real time market intelligence to its clients. The firm is heralded for its achievements in record-breaking sales throughout each of its regions. Drawing upon decades of experience and market-specific knowledge, Douglas Elliman Development Marketing offers a multidisciplinary approach that includes comprehensive in-house research, planning and design, marketing, and sales. Through a strategic global alliance with Knight Frank Residential, the world’s largest privately-owned property consultancy, the company markets properties to audiences in 58 countries, representing an over $87 billion global new development portfolio. https://www.elliman.com/marketing
NEW YORK – (June 10, 2025) –Prominent woman-owned leading real estate company MAG Partners, in partnership with Global Holdings, today announced its lease signing with Serafina Mare, the first-ever Serafina restaurant spinoff within its new Anagram Turtle Bay residential development. The restaurant will focus specifically on seafood and offer Anagram Turtle Bay residents perks including a special menu and delivery. Located at 300 East 50th Street in Manhattan’s Turtle Bay neighborhood, the restaurant comprises more than 5,000 square feet including the entire ground floor and below grade space. It is expected to open in Fall 2026.
This game-changing restaurant spinoff is the 13th Serafina location in NYC and the first-ever Serafina Mare concept.
“We are honored and excited to open the first Serafina Mare on the ground floor Anagram Turtle Bay. We anticipate establishing meaningful connections with the tenants and the entire Turtle Bay community as we introduce this new and exciting seafood concept from our beloved brand,” said Fabio Granato of Serafina Restaurant Group.
“In addition to providing much needed housing, we’re also welcoming an exciting new restaurant concept from the celebrated Serafina brand, delighting tenants with this new dining experience. Anagram Turtle Bay is an exciting new addition to the energy that continues to build in this area of Manhattan,” added MaryAnne Gilmartin, Founder and CEO of MAG Partners.
Founded by Vittorio Assaf and Granato of Serafina Restaurant Group, first-class Italian restaurant Serafina has been a favorite of New Yorkers since it first opened on the Upper East Side in 1995. The duo have since expanded the brand across three continents with dozens of restaurants.
MAG Partners represented itself in the deal. Serafina Mare was represented by Micheal Azarian of Cushman & Wakefield.
Anagram Turtle Bay is a 23-story tower located at the corner of 50th Street and Second Avenue. Leasing launched this week, with move-ins expected in August. Also developed in partnership with Safanad, Anagram Turtle Bay comprises 194 bright, welcoming, and thoughtfully crafted residences ranging from studios to three-bedroom layouts in addition to three floors of stylishly composed amenities.
For more information please visit anagramturtlebay.com.
###
About MAG Partners
MAG Partners is a woman-owned, urban real estate company with decades of experience developing impactful, iconic, large-scale projects throughout New York City. Led by MaryAnne Gilmartin, together the MAG Partners team has successfully designed, built and operated over 7 million square feet of office, residential and mixed-use projects, including over 2,000 units of housing, with a total value of over $4.5 billion. The firm believes and has proven that principles of beauty, diversity and sustainability create lasting value.
About Serafina Restaurant Group
Founded in 1995 by Vittorio Assaf and Fabio Granato, Serafina Restaurant Group is a global
collection of Italian eateries that began with the highly acclaimed Serafina Fabulous Pizza
on Madison Avenue New York City. Specializing in contemporary Italian cuisine, Serafina
has expanded across Manhattan and into eight countries, offering quality ingredients
paired with an energetic and welcoming vibe. The Serafina family includes its flagship
Italian restaurants, the French-inspired Brasserie Cognac, and Tokugawa Sushi. With 41
locations worldwide, Serafina has become an affordable luxury known for fostering a social
and inviting environment.
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.
MAG Partners Launches Leasing At Its Newest And Second New York City
By: MAG Partners
Residential Building, Mabel
Designed by renowned global architecture firm COOKFOX Architects and curated for nature-integrated living, sustainable luxury rental tower is the newest in the MAG portfolio named after influential women
NEW YORK (June 10, 2025) – High-profile woman-owned real estate company MAG Partners today announced the launch of leasing at Mabel, its newest and second residential building named in honor of historic and influential New York City women delivering an exceptional living experience that sets a
new standard for what urban housing can be. Located at 335 8th Avenue in the heart of Manhattan’s Chelsea neighborhood, the building — sustainably designed to achieve Passive House and LEED Gold certifications — adds 188 units of much needed new housing to New York City, 30 percent of which delivered under the Affordable NY program.
The contextual seven-story building is named after Mabel Osgood Wright, a pioneering American writer, conservationist and an early leader of the Audubon movement. An NYC local, Wright played a pivotal role in advocating for the protection of wildlife and their natural habitats during a time when environmental awareness was still in its infancy. Wright’s values align with MAG Partners’ commitment to beauty and sustainability, incorporated throughout the branding. The building honors her pioneering spirit with a sustainable design that delivers an unmatched level of beauty, comfort, and environmental responsibility.
Mabel is Passive House certified, the highest international standard for energy efficiency that ensures a superior living environment in comparison to traditionally constructed residences. Passive House brings numerous advantages, offering residents a sustainable, green lifestyle. Residences are eco-friendly, cleaner, quieter, and provide the utmost comfort for residents.
“As we continue to expand our residential portfolio with buildings focused on high design, thoughtful amenities and biophilic urban elements, we’re thrilled to be back in the thriving Chelsea neighborhood that, like all of New York City, needs more quality housing delivering the modern, elevated lifestyle New Yorkers want today,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “We’re honored to continue celebrating the legacy of remarkable, trailblazing women in the city by offering the newest living experience that is both integral to our brand and the character of New York.”
Mabel is located around the corner from MAG’s first residential project, Ruby; 480 units at 243 West 28th Street named after Ruby Bailey, a master beader and prominent fashion figure of the Harlem Renaissance. That project opened in 2023 and is fully stabilized and leased.
Designed by renowned architects COOKFOX, Mabel offers studio, one-, and two-bedroom homes that are bathed in natural light and redefine modern living in elegant urban style. Every detail is crafted to exemplify Mabel’s commitment to sustainability, health, and the preservation of local ecosystems. With ceiling heights of up to 10 feet, each residence is purposefully designed to maximize light, facilitate views, and enhance tranquility.
The 188 apartments feature wide plank White Oak wood-style flooring throughout, oversized triple-pane windows designed for improved comfort and quiet, and blackout solar shades in the bedrooms. The gourmet kitchens boast modern cabinetry with warm wood tones and light gray or pure white Caesarstone countertops. In addition, residences feature induction cooktops and seamlessly integrated appliances with paneled refrigerators and dishwashers. Full-height backsplashes offer light gray Caesarstone or Mosaic tiles. All units include in-home Bosch washer and dryers, Bosch wall ovens, smart home keyless entry and generous walk-in closets.
Bathrooms are spa-like retreats featuring elegant floating vanities in light or warm wood finishes, complemented by pure white Caesarstone offset sink tops that enhance space and functionality. Full-height herringbone wall tiling is paired with matching floor tiles and oversized mirrors, creating a striking visual texture. Frameless glass showers and deep soaking tubs offer a luxurious, spa-like experience. Every detail has been considered to create an environment that’s serene, sophisticated, and sustainable.
“Our vision was to bridge the mid-20th-century, verdant open plan of Penn South with the contemporary reinvention of Chelsea into a vibrant residential community,” said Brandon Specketer, AIA, Partner, COOKFOX Architects. “Mabel’s modern brick expression is massed to fit the historic masterplan and is interwoven with gardens, connecting new residents to nature and the existing community. The design creates healthy, sustainable homes for the neighborhood’s next era.”
Residents enjoy over 25,000 square feet of indoor and outdoor amenities intentionally curated to promote comfort, convenience, well-being, and entertainment. These include a state-of-the-art fitness center equipped with top-of-the-line cardio and strength training equipment, as well as a pet spa, meditation room, self-storage, and bike storage areas. Residents have the comfort of a 24-hour attended lobby and can relax in the tranquil Sanctuary Garden and also make use of the meeting and conference rooms. The library/media lounge offers a cozy fireplace, entertaining wet bar with a designated dining area, and private phone booths. The Garden Terrace on the second floor features a lush, planted deck with comfortable seating. Other amenities include additional inviting lounge areas, a sun lawn, and a fully-equipped grilling and dining area for outdoor gatherings on the roof. Blooming gardens and courtyards cascading with greenery offer idyllic respites for relaxing, reflecting, and connecting.
MAG Partners was selected by Penn South, the affordable housing cooperative in Chelsea, to develop Mabel into a mixed income apartment building with ground floor commercial space including a grocery store operated by Lidl, the rapidly expanding high-quality grocery store from Europe. The project 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.
“335 8th Avenue, Mabel is an outstanding mixed use urban development” said Sara Queen, head of real estate equity at MetLife Investment Management. “This commitment will provide additional affordable housing and strengthen the fabric of the West Chelsea neighborhood. We are pleased to make this commitment alongside Maryanne and the MAG team.”
This is Lidl’s second signed lease in Manhattan, following its first opening in Harlem in 2022. The store will open in fall 2026 and offer a bakery, fresh produce, floral, meats and seafood sections, as well as other everyday grocery essentials, with unmatched value and a simple and efficient shopping experience.
“It has been an amazing experience to collaborate with MAG Partners on this project. As construction comes to an end and the doors open to the public, we are reminded that Mabel is more than a beautiful new building; she represents a significant step forward in our commitment at Penn South to improving the quality of life for our residents,” said Ambur Nicosia, President of Penn South. “Mabel is designed to help us meet our mission to reduce maintenance costs for our cooperators, increase the availability of affordable housing options in our neighborhood, and will soon host the highly anticipated Lidl supermarket. We congratulate MAG Partners on achieving this milestone as we all work together to contribute to and support the future of New York City.”
Mabel is in excellent proximity to Hudson Yards, Madison Square Garden, the High Line, Fashion Institute of Technology, and many of Chelsea’s acclaimed restaurants.
MAG Partners has also just launched Anagram Turtle Bay, a 194-unit building at the corner of East 50th Street and 2nd Avenue, located at 300 East 50th Street in Turtle Bay. Developed in partnership with Global Holdings and Safanad, the building is MAG Partner’s third completed multifamily building in Manhattan.
Douglas Elliman Development Marketing is the exclusive marketing and leasing agency of record. For more information, please visit mabelchelsea.com.
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About MAG Partners
MAG Partners is a woman-owned, urban real estate company with decades of experience developing impactful, iconic, large-scale projects throughout New York City. Led by MaryAnne Gilmartin, together the MAG Partners team has successfully designed, built and operated over 7 million square feet of office, residential and mixed-use projects, including over 2,000 units of housing, with a total value of over $4.5 billion. The firm believes and has proven that principles of beauty, diversity and sustainability create lasting value.
About COOKFOX Architects
COOKFOX Architects is a New York based architectural and interior design studio. COOKFOX has built a studio focused on high-performance, environmentally responsive, socially engaged design. The studio is well-known for innovative design that supports physical health and mental wellness at the highest standards of environmental performance. With a portfolio of diverse residential, workplace, and education projects, COOKFOX seeks to pursue architecture that restores, regenerates, and elevates our collective experience of the urban environment. www.cookfox.com
About Douglas Elliman Development Marketing (DEDM)
Douglas Elliman Development Marketing, a division of Douglas Elliman Realty, offers unmatched expertise in sales, leasing, and marketing for new developments throughout New York City, Long Island, Westchester, New Jersey, Florida, California, Massachusetts, and Texas. The company’s new development hybrid platform matches highly experienced new development experts with skilled brokerage professionals who provide unparalleled expertise and real time market intelligence to its clients. The firm is heralded for its achievements in record-breaking sales throughout each of its regions. Drawing upon decades of experience and market-specific knowledge, Douglas Elliman Development Marketing offers a multidisciplinary approach that includes comprehensive in-house research, planning and design, marketing, and sales. Through a strategic global alliance with Knight Frank Residential, the world’s largest privately-owned property consultancy, the company markets properties to audiences in 58 countries, representing an over $87 billion global new development portfolio. https://www.elliman.com/marketing
June 10, 2025
YIMBY
New Renderings Released By MAG Partners For Mabel And Anagram Turtle Bay In Manhattan
By: Max Gillespie
Mabel And Anagram Turtle Bay In Manhattan
Rendering of Anagram Turtle Bay. Courtesy of Williams New York
New renderings have been released for two recently completed residential developments by MAG Partners: Mabel, located at 335 Eighth Avenue in Chelsea, and Anagram Turtle Bay, located at 300 East 50th Street in Midtown East. Mabel, designed by COOKFOX Architects in partnership with Safanad and MetLife Investment Management, rises seven stories with 188 residential units, 30 percent of which are designated as affordable. Anagram Turtle Bay, a 23-story tower designed by BKSK Architects in partnership with Global Holdings and Safanad, includes 194 residences and also delivers 30 percent affordable units under the Affordable NY program. Both buildings are now leasing.
Rendering of Mabel. Courtesy of DBOX
Rendering of Anagram Turtle Bay. Courtesy of Williams New York
Rendering of Mabel. Courtesy of DBOX
At Mabel, residences range from studio to two-bedroom layouts and feature triple-pane windows, white oak plank flooring, Caesarstone countertops, and Bosch appliances. Amenities include over 25,000 square feet of communal space, such as a fitness center, rooftop terrace, media lounge, pet spa, and a Lidl grocery store planned to open on the ground floor in fall 2026.
Rendering of Mabel. Courtesy of DBOX
Rendering of Mabel. Courtesy of DBOX
Rendering of Mabel. Courtesy of DBOX
At Anagram Turtle Bay, units range from studios to three-bedroom layouts and feature oversized windows, in-unit Bosch washers and dryers, smart climate systems, and quartz-topped kitchen counters with Bosch induction cooktops. Bathrooms are styled with mosaic accents and terrazzo finishes. Anagram Turtle Bay offers three levels of amenities, including a cross-training fitness lab, library and study spaces, a media lounge with fireplace, and a 24th-floor rooftop with grilling stations and skyline views.
Rendering of Anagram Turtle Bay. Courtesy of Williams New York
Rendering of Anagram Turtle Bay. Courtesy of Williams New York
Rendering of Anagram Turtle Bay. Courtesy of Williams New York
Rendering of Anagram Turtle Bay. Courtesy of Williams New York
Nearby transit for Mabel includes the C and E trains at 23rd Street, the 1 train at 28th Street, and the A, C, E, 1, 2, and 3 trains at 34th Street–Penn subway stations. Anagram Turtle Bay is accessible via the E, and M trains Lexington Avenue/53rd Street, the 6 train at 51st Street, and 4, 5, 6, 7, and shuttle trains at Grand Central–42nd Street.
MAG Partners’ MaryAnne Gilmartin On Recent Launches, Future Plans
By: Isabelle Durso
Her development firm is rolling out two multifamily projects in Manhattan, and staying busy in Baltimore
Isabelle Durso, 6.10.25
MaryAnne Gilmartin at MAG Partners’ Mabel building in Chelsea.
MaryAnne Gilmartin has built a new brand for New York City’s buildings — and it’s all about the people.
During her 24 years at the old Forest City Ratner, Gilmartin had a hand in building some of the city’s most famed properties, including Manhattan’s New York Times Building and Brooklyn’s Barclays Center. And, while she credits Forest City for some of her most rewarding work,
Gilmartin left her role as CEO of the firm in January 2018 and never looked back, blazing a women-led path of ingenuity and diversity.
Her newest projects showcase those goals.
This week, in what Gilmartin calls a “tale of two buildings,” MAG simultaneously launched leasing at two new residential developments in Manhattan: the 188-unit Mabel at Chelsea’s 335 Eighth Avenue, and the 194-unit Anagram Turtle Bay at its eponymous neighborhood’s 300 East 50th Street. Thirty percent of units in both buildings are designated as affordable.
Mabel is the little sister of the 480-unit Ruby just two blocks away at 243 West 28th Street, which was built during the pandemic as MAG’s inaugural project and began leasing in 2023.
In an effort to highlight the human aspect of what goes into creating a building, Gilmartin named Mabel and Ruby after two historic influential women — American writer and conservationist Mabel Osgood Wright and pioneering fashion designer Ruby Bailey — as part of the company’s larger new portfolio of residential buildings named after women.
Mabel, which will open to tenants later this summer, has secured Germany-based grocery store Lidl as its anchor tenant in 23,000 square feet of ground-floor commercial space, while Serafina Mare — a spinoff from Italian restaurant Serafina — will move into 5,000 square feet on the ground floor of Anagram Turtle Bay.
Commercial Observer caught up with Gilmartin last week to discuss her new building portfolio, the developer’s current work in Baltimore, and her future plans.
This interview has been edited for length and clarity.
Commercial Observer: So MAG Partners has started a portfolio of residential buildings named after historic influential women. How did you come up with that idea?
MaryAnne Gilmartin: I think it very much aligns with what we’re trying to do as a company, which is really to give the industry a bit of a makeover, to look at the building of cities as building for people, and recognizing that in New York City, with tall towers, skyscrapers and homes in the sky, you can really lose touch with the human aspect of it. So we always come back to the people.
We believe you can build beauty and create value at the same time, and then you can deliver not just for the partners and the money investors, but for the communities in which you build. So, in starting the company and believing that beauty pays off and that beauty delivers, we didn’t want to do the ordinary. We have an ability to do things refreshingly different in an industry that really has not experienced disruption or change at the pace that other industries did.
Naming the building is probably one of the most enjoyable parts of the process of putting the building together. We thought, “If we think about ourselves as community builders and placemakers, there are people that live in these communities historically that have made contributions.” And then we thought, “Why don’t we start by researching women historically in these neighborhoods?” In doing that, we had tons of options and incredible names.
Mabel was designed by Cookfox Architects. How does the architecture and design fit into Mabel Osgood Wright’s legacy?
First and foremost, we love Cookfox because they know how to build in context. So you have to know where you are. We weren’t putting up a glass tower on this site, because we’re in West Chelsea. So it starts with the fabric of the materials, like the brick and the richness of the color, and then their commitment to biophilia and connecting with nature. And, hopefully, when you walk through the front door, you feel like, “Wow, I live here. I can come to a place that is calming to me and makes me feel connected to the outside.” The architecture is seamless with the environment.
This building has the highest elective standard of building sustainably that exists in the entire world, which is Passive House. In New York City today, there are only 75 Passive House buildings. There are a million buildings in Manhattan.
When the pricing started coming back, there was some concern that we couldn’t afford it. When you do Passive House, you have to design it to certain standards — the window wall, the triple pane — so you don’t hear anything outside. Even the appliances, they have to be the most energy-efficient appliances available in the marketplace today. So that’s a cost, right? Because you can’t just go to the lowest supplier.
All along the way, we had to recommit to our Passive House design, because when we had budget woes — and you always do when you’re designing a building — the lowest-hanging fruit was to just get rid of Passive House because nobody was going to call us out on it. … But the great part about it is that the people living in this building are the beneficiaries — not just of the design features and the comfort, but the fact that it will be cheaper. You may pay your rent, but when you pay your utilities, you’re going to be paying less because this building is so efficient.
With the higher costs of financing these amenities, how does that make it worthwhile for your buildings? Is it worth it to pay to go the extra mile, so to speak?
It has to be about conviction. And, of course, it’s about math. But getting back to what I said about good design paying off: If in New York you want to build commoditized product, you could build schlock and still make money. If you build quality, I believe you’re going to still be able to be profitable. And, over time, I would argue that the investments in this building will be de minimis, because the quality of the construction is so high out of the gate.
For the commercial space downstairs, how did you choose Lidl as a tenant?
It’s both good news and bad news. So this is a food desert. This area has been without a supermarket that everybody could afford to shop in for a very long time. There was a Gristedes here, and it was in substandard condition, but it was affordable, and we committed to replace the supermarket with a modern version of a well-priced grocery store. So, for example, we said we wouldn’t put Whole Foods in because not everybody can shop at Whole Foods.
Before we even put a shovel in the ground — and this is very rare for retail in New York — we had the Lidl deal signed. And to their credit, Lidl is in a massive expansion campaign in the United States. They’re German-based, they recognize the dearth of supermarkets, and they really made us an offer we couldn’t refuse. … We worked really hard to get that lease done, but to have a forward commitment for a supermarket before the shovel was even in the ground is both an indication of the absence of high-quality, affordable supermarkets in Manhattan and a reflection of the site and the economics that we were able to deliver for Lidl.
So we’re not too far from Ruby. Can you explain why it was named after fashion designer Ruby Bailey and how her legacy fits into the design of that building?
Ruby around the corner is the inaugural MAG Partners project. There’s a lot of emotion, a lot of legacy tied up in that site, because that building was the first for us. It was built during the pandemic. It was the ultimate validation of New York City’s comeback story.
We had to fight to get financing. Our capital partners needed to believe that New York City was going to be OK. People had to come back to New York to live at a time when people were running away from the city. And, then, lo and behold, upon opening, New York was alive again. People came back, and the rents of that building surpassed pre-pandemic rents.
It’s a powerful and emotional story for us, and the naming of it again is one of the most joyous moments. It was that building where we decided this is what we wanted to do with the company, was to name it after women. We did the research, we knew it had to have a connection to fashion. We came up with Ruby Bailey. What we hope is that people know what Ruby means, because she was uncelebrated and unrecognized. She was a master beader, and she deserves the recognition that hopefully that building brings.
Anagram Turtle Bay has also launched leasing. Is that one going to be named after a woman?
If we’re anything at all, we’re really good partners. Our partners in that project are Global Holdings and Safanad, and they have built a few extraordinary buildings recently, including Anagram Columbus Circle.
We’re building a company, we’re building a business, and we’re building a partnership, and we made the decision that we have to do what’s best for the building and the partnership. So, it
seemed to us that we had the great fortune of drafting in behind Anagram Columbus Circle, and we thought the bar and prestige of the Anagram brand would serve the building well.
The Anagram is in some ways positioned a bit differently, but it has the same dedication to sustainability, to quality, to nature. If you take the time to really study the neighborhood and the community, and you treat your architect as a contributor, not a vendor, you can produce greatness.
How do you choose which neighborhoods to develop in, and how do you prioritize affordability?
We’re highly opportunistic, because you need to be. New York City doesn’t have a lot of land or building opportunities, so you need to say, “What are the neighborhoods you really want to build in? Where can you add value? Where does your capital want to see investment?”
We love Brooklyn. It’s been our front yard, our backyard and our side yard for most of our careers, and it’s where I live. So we’re looking at some stuff in Brooklyn. We’re fortunate to have built three buildings in Manhattan, where the barriers to entry are even higher. The new [485x] tax program, just getting to the issue of affordability, is critical for anything you build that is multifamily. In New York City, you cannot afford to build a rental building unless you have the tax program, which just got revamped.
This tax program, if it exists for the next 10 years, is going to define the scale, the size, the quantity of rental housing that’s built in the city. I think the program is flawed, but we were given lemons, so we’re just making lemonade.
The 421a tax abatement was replaced with the new 485x — how are you going to use 485x going forward?
421a had an exemption for anything under 300 units, and so both Mabel and Anagram, because they’re 200ish units, were under that threshold, so they were built under the old program. But the program was expiring and there was no renewed program, so it got caught in the expiration period where the city came to a grinding halt.
It was a tale of the credit crisis kicking in, it being very hard to get loans on buildings, and our capital being very concerned that we weren’t going to have the runway to finish. As it turns out, the program got extended during our construction, but it didn’t help us, because we had to finance it under the assumption that it wasn’t going to get extended.
This is an example where public policy can have big consequences for delivering housing. Everybody, including every mayoral candidate, has acknowledged the primary issue for New Yorkers is to find high-quality affordable housing. Yet the program’s expiration and the new program that followed 421a has had a material impact on developers and placemakers’ ability to
deliver the kind of housing that the city needs. It’s this intersection between policy, politics, real estate and taxes, which all has to come together.
Is there a candidate you’re supporting in New York City’s mayoral race?
I’ve been saying for a long time that sometimes you have to get outside your box to understand what’s going on inside your box.
Politicians, community leaders and citizens of Baltimore are so pro-change because they love their city so much and want to see better things for their city. That’s compared to what’s started to happen in New York, where the answer was always no. Just resistance to change — period, end, stop.
Did the built environment and the real estate community bring it on itself because developers would roll into communities, build what they want, never come back again, and leave communities with negative impacts? Probably, but the new developer, the modern developer, has a profound appreciation for the impact that owning and operating a building has on a community.
So I would say that I’m very pleased that in this election everyone that’s running agrees that we have a housing crisis. All the candidates are recognizing it, and they all have a different approach to how to build housing.
I think this city needs a functioning CEO who knows how to get things done. I’m not going to pick a candidate, but I am going to say of the field of prospects, some of them rate higher in their ability to deliver results. This is a consequential election for this city, because of our need to build housing, create safety for our citizens, and to be forward-thinking about how technology can make our city better. We need to be bold, we need to be fierce, and we need to be unapologetic in pursuit of that. So I would lean toward the candidates that are not afraid to take positions and deliver results.
You worked for Forest City Ratner for 24 years and started this company seven years ago. What kind of image do you want to build for MAG?
I have been so blessed to have touched so many amazing projects and worked with incredible people. I had something to do with building three of the most important buildings of their times in New York City: the New York Times Building, New York by Gehry, and Barclays Center. You are what you build if you’re a developer, and so to have a small part in building those icons, I consider myself to be so lucky.
We were really taught to build many things at Forest City. A lot of developers build office buildings, they build residential buildings, or they build hotels. Forest City’s reach was so wide that if you were young and eager and fortunate like I was, I was able to learn how to build many different things. So that’s what gave me the audacity to think that I could start my own company.
And I have to confess, I don’t know why I wasn’t petrified by the idea that a woman could start a real estate development company in a city like New York, where you could not find a woman that has done that.
I focused much more on the possibilities as opposed to the challenges. I believed in the team, I believed in the mission, and I believed that there was room for a company like MAG Partners.
My work now is to help the industry become more inclusive, make the buildings more beautiful, and take more risks in how we build and lead a team that really represents the future of the industry. I’m really into the rookie perspective. I may have done this for 30 to 35 years, but the superpower is to know that you might not know, and the answer may lie with somebody who’s been doing this a lot less time, who just has a lens and a view of the future that’s very different. So my dent in the universe, if there is one, is to leave in my buildings a concrete manifestation of possibility, of what conviction, competency and collaboration can do.
MAG has also doubled its employee roster in recent months to boast 10 employees that make the company 50 percent female. How does that set MAG apart from other developers in the city?
By leading by example and actually doing the things we say we’re going to do. Talking to young people and trying to inspire the next generation actually works. Because I’m in the C-suite, I have more ability to influence outcomes than ever before, and my job is to find ways in which I can do that.
The way that I’ll know that it’s happened is that it’ll be no longer lonely to be a woman founder and real estate developer in New York City. It’ll be not such an interesting story that I did what I did because other people would be inspired to do the kinds of things that we’re trying to do at MAG Partners.
MAG also has a project in Baltimore, part of Sagamore Ventures and Goldman Sachs’ Baltimore Peninsula development. Can you give a little more detail on that and its timeline?
The team and I fell in love with Baltimore. We were invited down there by Kevin Plank [Under Armour’s founder and CEO whose family office is Sagamore Ventures] to give him some guidance. It was a massive project — 14 million square feet of total entitlement he controls with Goldman Sachs, about 235 acres of land. It was big, it was bold, and it has the potential to transform the city and lift it up.
We’re 1,000,001 square feet in, and we’ve had great wins notwithstanding all the headwinds in the economy and the difficulty of cities like Baltimore in terms of crime and budget deficits. So we’re very proud of the work, and, as long as we’re welcome, we want to continue to help build a better Baltimore.
So what’s next for MAG? Are you looking at anything on the office side? Or any other asset classes?
We are building a pipeline of projects on the residential side that are right-sized for the 485x program, so we have a lot of interest in continuing this campaign to build housing. We will build 25 to 30 percent affordable. And we love conversions. We’d love to do a conversion of an appropriate office building to residential.
And we are big believers in the flight to quality on the office front. We think that the return-to-work movement is here to stay. I also think that hybrid work is here to stay. Unlike a lot of my industry peers, I believe that flexibility and hybrid working is a great recruitment tool. In the culture of MAG Partners, we run hard, but we do it in creative ways that support people’s lifestyles and their desire to create families and be present at home, as well as in the office. So we would love to do an office building.
