MAG, Global Holdings plot Hudson Square resi tower

Partners eye 149-unit development at Trinity Church site

MaryAnne Gilmartin and Eyal Ofer are teaming up in Hudson Square.

MAG Partners and Global Holdings signed a ground lease for Trinity Church’s property at 122 Varick Street, the Commercial Observer reported. Details of the long-term ground lease were not disclosed; Cushman & Wakefield’s Kevin Donner arranged the deal from the church’s end.

The partners plan to build a 192,000-square-foot property at the site, utilizing the 485x tax abatement program. Under that program, at least 25 percent of the 149 rental units planned will need to be designated affordable. The project is also expected to include 5,000 square feet of retail space on the ground floor.

Ofer and Gilmartin last partnered for the Anagram Turtle Bay. There, they developed a 194-unit mixed-income project, which is 87 percent leased. The development’s ground-floor retail space is set to soon be occupied by Serefina Mare, an offshoot of the famed Italian restaurant.

Both Global Holdings and MAG Partners have plenty of major developments in the city. Both have also scored recent wins in the financing market.

In February, Global Holdings landed a $450 million commercial mortgage-backed securities debt from Wells Fargo to refinance the NoMad Tower at 1250 Broadway. Global Holdings acquired the 39-story office building in 2016 for $565 million and subsequently invested $50 million in renovations.

Last week, MAG Partners secured a $148.7 million bridge loan from Goldman Sachs Alternatives to refinance the construction debt for the Mabel at 355 Eighth Avenue in Chelsea. The 188-unit residential development, completed within the last year, is already approaching full occupancy.

Elsewhere in Hudson Square, Avdoo closed out last year with the purchase of a 12,500-square-foot development site at 68 King Street for $63 million, securing a $40 million loan from Valley National Bank.

Shlomi Avdoo said he is targeting a high-end residential project of more than 200,000 square feet and plans to pursue additional development rights through air-rights deals and a transit-related bonus.

149-Unit Residential Development Planned For 122 Varick Street In Hudson Square, Manhattan

Plans have been announced for a 149-unit residential tower at 122 Varick Street in Hudson Square, Manhattan. Developed by a newly formed joint venture between Global Holdings and MAG Partners, the structure will span approximately 192,000 square feet. The project will also include more than 5,000 square feet of ground-floor retail space. The property will utilize a long-term ground lease with Trinity Church NYC and is located at the southeast corner of Varick and Dominick Streets.

The property’s rental units will be delivered under the 485-x program, with roughly 25 percent designated as permanently affordable housing. The project follows the firms’ previous collaboration on Anagram Turtle Bay, a 194-unit mixed-income development.

The site is currently occupied by an open-air parking lot.

Transit nearby 122 Varick Street includes the 1 train at Houston Street, the C and E trains at Spring Street, and the A, C, and E trains at Canal Street.

“Trinity Church has been an exceptional partner, and we are deeply appreciative of the trust they have placed in us,” said MaryAnne Gilmartin, founder of MAG Partners. “Together, we are aligned in our commitment to delivering a best-in-class building that reflects the energy and evolution of Hudson Square.”