Façade installation is steadily progressing on 335 Eighth Avenue, a seven-story residential building in Chelsea, Manhattan. Designed by COOKFOX Architects and developed by MAG Partners and Mutual Redevelopment Houses, Inc., the 200,000-square-foot structure will yield 188 rental units in studio to two-bedroom layouts, a 23,000-square-foot Lidl supermarket, and additional ground-floor retail space. Thirty percent of the homes will be reserved for affordable housing. The ground-up property is located at the corner of Eighth Avenue and West 26th Street within the Penn South affordable housing cooperative, officially known as Mutual Redevelopment Houses.
Crews have enclosed much of the reinforced concrete superstructure in metal frame studs, insulation boards, and the grid of rectangular floor-to-ceiling windows since our our last update in late May, when the building was in the process of topping out. Recent photos show the red brick façade being installed behind scaffolding and construction netting on the lower half of the western elevation along Eighth Avenue.
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
Ninety percent of the residential units will be studios and one-bedrooms, while the remaining 10 percent will be two-bedroom apartments. Amenities at 335 Eighth Avenue will include a fitness center, a library, a media lounge, a coworking lounge with private workspaces, a dining area with a catering kitchen, and outdoor rooftop gardens with dining areas and a grilling terrace.
Renderings of the building preview the finished look of the brick exterior, which will incorporate several different bond patterns. Setbacks at the seventh floor are shown topped with terraces, and the roof parapet features an additional terrace adorned with greenery.
The upcoming Lidl supermarket will feature a bakery, fresh produce, a floral shop, meat and seafood, and other typical everyday essentials. The Germany-based supermarket is also expected to partner with Hire NYC to offer employment to local residents and provide comprehensive benefits such as healthcare for all full- and part-time employees, regardless of hours worked per week.
JLL Capital Markets arranged a $151.4 million capitalization for the project with financing secured from Bank OZK and MetLife Investment Management.
The property is a short walk from the C and E trains at the 23rd Street station to the south.
335 Eighth Avenue’s anticipated completion date is slated for the third quarter of 2025.
Baltimore Peninsula Announces New Lease with Slurp Noodle Bar at Rye House
The new establishment is the latest of a slew of local, regional and national-loved restaurants arriving at Baltimore Peninsula
Today, the Baltimore Peninsula development team, led by MAG Partners and MacFarlane Partners, in partnership with Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management, announced it has signed a new lease with Slurp Noodle Bar, which has leased 1,375 square feet at Rye House and is anticipated to open in Q2 2025.
Slurp Noodle Bar will offer a delicious array of hand pulled noodle dishes such as original beef noodles (“Lanzhou Lamian”) and sour and spicy noodles – in addition to other traditional Chinese staples like the ‘Crossing the Bridge” Rice Noodle Soup with a bone broth simmered for over 12 hours. The making of hand pulled noodles requires no machinery – but rather is done completely by hand by highly-skilled chefs with extensive training and practice. The noodle bar will open at Rye House alongside Ben & Jerry’s, which is opening its first Baltimore location.
The family-owned restaurant is run by Washington metropolitan area local Jerry Chan and his father. The Chans have been in the restaurant business for three generations – beginning with Jerry’s grandfather, who took up work as a restaurant chef upon his immigration to the United States. Slurp Noodle Bar will be the second restaurant opened by Jerry, and the first in Baltimore.
“Slurp Noodle Bar is an amazing addition to our rapidly growing list of premiere food and beverage offerings at Baltimore Peninsula,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “We’re continuing to see top establishments open their doors and strong momentum in restaurant leasing, a testament to the appeal of modern, mixed-use spaces at Baltimore Peninsula and the activity and dynamism they create.”
The announcement comes on the heels of several restaurant announcements and openings that are quickly turning Baltimore Peninsula into the newest dining hotspot in the DMV. Alongside the newly opened Rye Street Tavern by Clyde’s and Little Wing at ROOST Baltimore, the neighborhood will be welcoming several high-quality dining options, including Pinky Cole’s Slutty Vegan and Bar Vegan, Urbano Tex-Mex, Baltimore coffee shop Daily Grind, BK Lobster, and Jersey Mike’s.
“My family has been involved in the restaurant industry for three generations, so I’m incredibly excited to be opening a traditional, family-owned establishment,” said Jerry Chan, Owner of Slurp Noodle Bar. “I have been looking to bring our business to Baltimore for some time, and Baltimore Peninsula is the perfect location to do so as it becomes the city’s newest dining destination.”
Slurp Noodle Bar will open on the ground floor of Rye House, one of Baltimore Peninsula’s residential offerings. Rye House offers 254 total apartment residences, ranging from studio to three-bedroom floor plans, with 54 units designated affordable. Amenity spaces include a fitness center with a yoga studio loft, a third-floor clubroom with private meeting and dining area, a spacious bar and lounge, and a billiard room. The rooftop terrace lounge offers seating, grilling and dining areas with 360-degree views of the waterfront and Baltimore skyline.
Retail leasing at MAG Partners is led by Gayle Mandaro and Sam Spikell and Segall Group. Slurp Noodle Bar was represented by Shang Wang of Wang Enterprises.
Baltimore Peninsula Secures Two More Offices Leases Totaling 14K SF
By: Nick Trombola
The Baltimore Peninsula development team continues rounding out their office portfolio with a pair of new leases at its Rye Street Market project.
The group, led by MAG Partners and MacFarlane Partners, in partnership with Sagamore Ventures and Goldman Sachs Asset Management’s Urban Investment Group, inked leases with Longeviti Neuro Solutions and cryptocurrency mining company OBM for a total of 14,000 square feet.
The leases, at 301 Mission Boulevard, bring Baltimore Peninsula’s growing office cache to 40 percent leased. Longeviti was represented in the deal by law firm Kiernan Trebach. OBM was represented by Linn Worthington at Cushman & Wakefield, while C&W’s Courtenay Jenkins, Richard Thomas and Matt Melnick represented the landlords.
“We are continuously drawn to Baltimore Peninsula, the rich and dynamic environment cultivated here allows Longeviti to manufacture, distribute its neuro devices internationally, as well as conveniently host and train on new medical breakthroughs,” Jesse Christopher, Longeviti CEO and co-founder, said in a statement.
“Baltimore Peninsula has afforded us a new top-of-the-line office space where we can continue to expand upon our essential work,” added Daniel Lawrence, OBM CEO and founder.
Located in Baltimore’s Port Covington neighborhood, Baltimore Peninsula is a 235-acre project that, once completed, will house about 14 million square feet of mixed-use space along 2.5 miles of restored waterfront. Rye Street Market is within the greater Baltimore Peninsula project.
The new leases at the project continue a string of activity since the end of last year. Tex-Mex restaurant concept Urbano and karaoke vender Live-K signed on for a combined 12,300 square feet at Rye Street Market, just a block from the banks of the Patapsco River.
CFG Bank meanwhile moved its headquarters to 97,000 square feet at the development, joining the likes of the Baltimore Ravens, Volo Sports and Jersey Mike’s, which signed for space in December.
Pinky Cole urges young Baltimore entrepreneurs to learn ‘how to rise above the problems’
By: Lorraine Mirabella
In a South Baltimore conference room packed with young entrepreneurs, someone asked Aisha “Pinky” Cole how she recovered from setbacks on her way to founding her popular vegan burger chain — such as losing her first restaurant to a grease fire: Did she “fall down again?”
“I fell down this morning,” said Cole, the East Baltimore native and owner of Atlanta-based Slutty Vegan and Bar Vegan, during an event Wednesday aimed at fostering entrepreneurship among city teens and young adults. “I fall down every day. … In the art of entrepreneurship, it’s not that you have problems, it’s how you rise above the problems.”
Cole doled out advice and encouragement to start-up founders and youth program students and leaders along with MaryAnne Gilmartin, founder and CEO of New York-based MAG Partners, a lead developer of the Baltimore Peninsula mixed-use waterfront community in South Baltimore.
Wednesday’s event at Baltimore Peninsula kicked off a series of community discussions that Coppin State University plans to explore the findings of a newly released report by its Center for Strategic Entrepreneurship.
Coppin’s “Excellence in Entrepreneurial Learning” report follows up on 2017 research from the Annie E. Casey Foundation showing that teens and young adults in Baltimore, ages 16 to 29, “crave entrepreneurship and resources to build businesses that are free from discrimination and benefit their communities.”
Coppin’s study set out to determine how students are being prepared to become entrepreneurs, said Ronald C. Williams, an associate professor of management and founding director of the university’s entrepreneurship center. Over two years, a team of faculty and students has reviewed Baltimore training programs for youth and young adults between the ages of 16 and 29, focusing on areas such as structure, methodology, partnerships and effectiveness.
“Our focus is on learning and learning how to learn as opposed to preparing people directly for entrepreneurial success,” Williams said in an interview. “We believe that if you learn how to learn, that you’ll be ready for opportunity.”
The report found no standard structure for programs, with some running year-round and others only after-school or during summers, and that programs used multiple training methods.
It found gaps in wraparound services that various partners provided, in areas such as child care and transportation. And the effectiveness of programs was tied sometimes to the funders’ requirements rather than other metrics. In some cases, programs were not able to track their participants’ success
“This is an exploratory study because there has not been anything done like this before,” Williams said. “There is a lot of funding right now for youth entrepreneurship development, but we’re trying to get a handle on what’s actually being delivered so that we can have a better return on investment.”
During Wednesday’s discussion, Cole and Gilmartin talked about overcoming challenges growing up and how unconventional paths led to starting businesses. They said they’ve led successful businesses by tapping into mentors, building and investing in talent, and believing in their missions.
Cole grew up on Cedonia Avenue while her father served time in prison and her mother worked three jobs.
“I had to become a hustler at an early age,” she said.
After college and moving to Los Angeles, where she became a TV producer, Cole eventually opened her first restaurant. She ran it for two years before she lost everything in a fire. She returned to TV and worked as a casting director before the restaurant bug bit again.
Six years ago she started her “Slutty Vegan” concept in a shared kitchen. It has grown to 14 locations, including one coming later this year to Baltimore Peninsula, where Cole is a development partner in Rye Street Market along with Gilmartin’s firm.
“Entrepreneurship is very, very hard, but it’s so worth it,” Cole said, “especially if you got the passion to do the things that you love to do.”
Gilmartin, who grew up in New York, landed a job in economic development through a fellowship after college. Her first assignment was to convince a possibly armed squatter living in a trailer to leave a city redevelopment site. She ignored warnings not to talk with him directly, approached him outside a chain link fence and ended up working out a relocation deal that upgraded his living conditions.
“People thought I’d pulled off a major miracle,” she said. “What did I do? I had a conversation. I had human connection. I said to myself, ‘If this is what real estate development is, I’d probably be pretty good at it.’”
That started Gilmartin’s interest in real estate, though it had not been part of her plan, she told the audience Wednesday.
“Have a plan,” she said. “But be prepared for that plan to be disrupted because that’s what happens in life. … Chance does favor the prepared mind, but you also need to be open to the possibility that you haven’t quite thought of something that might grab you.”
Luxe NYC Residences with Insta-Worthy Private Gardens
By: Luxury Real Estate
In the bustling heart of the city, leading developers are creating serene escapes by incorporating expansive private gardens into luxury residential buildings. These green spaces, featuring diverse plant species, winding paths, and various seating options, provide residents with a tranquil retreat just steps from their front door. Embracing biophilic design principles, these outdoor gardens help residents forget they are in the midst of an urban environment. Here are three prime examples of residential buildings in New York City that are elevating the standard of urban living with their lush private gardens.
VIA 57 WEST: A Green Gateway to Manhattan
Anchoring The Durst Organization’s 57 WEST residential superblock, VIA 57 WEST stands as a dramatic visual gateway to Manhattan’s skyline along the Hudson River. This architectural marvel offers 709 residences, many of which feature terraces and balconies, and boasts an unparalleled selection of resident amenities. Among these is a 22,000-square-foot private garden oasis designed by landscape architects Starr Whitehouse.
The garden at VIA 57 WEST features a meandering path that guides residents through various zones, offering both sun-drenched and shaded areas. The diverse ecosystem includes native plants that thrive in the urban environment, creating a tranquil escape within the city. This thoughtfully designed space allows residents to enjoy nature, meditate, and recharge right outside their apartment doors.
Ruby: Chelsea’s Natural Gem
Rooted in Manhattan’s iconic Chelsea neighborhood, Ruby offers 480 thoughtfully designed studio, one-, two-, and three-bedroom homes. This residential development is blooming with natural green spaces and wellness-focused amenities, including the light-soaked lobby garden created by COOKFOX Architects.
The garden at Ruby is designed to facilitate health and connection with nature at every level. This unique green space is a true anomaly on West 28th Street, providing residents with a rejuvenating oasis amidst the urban landscape. The garden’s design encourages residents to engage with nature, fostering a sense of well-being and tranquility.
In Greenpoint, Brooklyn, the 22-story rental tower at 35 Commercial Street sets a new standard for modern housing with its blend of architectural beauty and ecological mindfulness. Designed by Handel Architects, the building offers 374 permanently affordable apartments and features a dramatic brick arched entryway inspired by the neighborhood’s industrial heritage.
Greenpoint native Marni Majorelle of Alive Structures designed three captivating outdoor areas as part of the building’s 11,000 square feet of amenities. The sunny garden on the northeast side of the building is ecologically beneficial, featuring native plants such as magnolia trees and swales to capture water and prevent runoff. The pathways, made of brick and sandy granite, add texture and interest to the landscape. In the interior courtyard, where light is less prevalent, ferns, native grasses, and organic rock features create a serene, shaded retreat. A long arching bench borders this lush inner courtyard, offering a perfect spot for relaxation.
“New York street fighter”: MaryAnne Gilmartin takes on $5.5B development
By: Orion Jones
MaryAnne Gilmartin (Photo by Paul Dilakian/The Real Deal)
On a balcony in Chelsea, with views that sweep the West Side of Manhattan, MaryAnne Gilmartin is looking at the scene below, taking in the progress of her company’s newest development.
It is the kind of project that gives Gilmartin a good feeling, built on West 26th Street on land owned by the Penn South co-op village.
“It resembles the New York I grew up with and love,” says Gilmartin, now 60. She mentions a Lidl grocery store coming to the property, in contrast with what she calls the “towers of power” at nearby Hudson Yards.
“They look like something out of Shanghai,” she says, and casually adds that Related Companies, a major developer at Hudson Yards, was a competing bidder for the co-op’s ground lease.
With that project and another in Midtown East topping out, Gilmartin is closing in on a 900-unit portfolio of new multifamily apartments since launching her company, MAG Partners, in 2018.
“MaryAnne’s goal in life is building,” said Mary Ann Tighe, the legendary CBRE broker who Gilmartin credits as her longtime mentor.
The company is a year into leasing its largest project, a 480-unit through-block property on West 28th Street, also built by virtue of a ground lease, this time from the Gottesman family of the Edison parking empire.
MAG brought equity partners into its two latest projects — Eyal Ofer’s Global Holdings on East 50th Street and MetLife Investment Management at the Penn South co-op — amid tighter financial conditions and New York’s uncertain regulatory environment.
On West 28th Street, construction debt from Madison Realty Capital was refinanced by Elliot Investment Management in a joint venture with Adi Chugh.
“MaryAnne’s goal in life is building.” MARY ANN TIGHE, CBRE
To Gilmartin, it felt as though the projects were among the last in the city to get financing to qualify for the then-expiring 421a tax abatement — which has since been extended, and will be replaced by a new provision dubbed 485x.
“For a company like us, we might be interested in building projects with under 100 units,” Gilmartin said. Such projects would prevent wage requirements from kicking in under 485x as well as reduce the affordability requirement from 25 to 20 percent of new apartments.
From the balcony where Gilmartin stands, past achievements dot the skyline, including the New York Times building and the Frank Gehry-designed 8 Spruce Street. Prodded about these accomplishments, which Gilmartin tackled while at Forest City Ratner, she explains them in ways that bolster her image as a developer who can overcome any obstacle.
Skyscrapers were anathema following 9/11, yet the Times building, designed by Renzo Piano, began to rise in 2004; the Gehry tower was realized despite the Great Financial Crisis threatening to topple a $680 million loan syndicate, according to Gilmartin. She bills her current projects as a triumph over Covid and unpredictable public policy.
Once one of the city’s most ambitious developers, Forest City vaulted Gilmartin’s career before its Atlantic Yards project scarred her personally — and maybe professionally.
Luckily for Gilmartin, she seems to relish doing the difficult.
Charm City
Today, Gilmartin’s biggest undertaking sits on a forgotten industrial peninsula in south Baltimore, a vastly different place than the one where she honed her reputation as a steadfast New York developer.
“When it first came up, I’m like, Baltimore, really?” said Andrew Trickett, formerly of Safanad, which provided equity backing to MAG’s multifamily projects in Manhattan, thanks in part to an introduction from Safanad board member and top New York real estate attorney Marty Edelman.
Gilmartin’s change of scenery began about two years ago, and although she emphasizes that she works simultaneously in New York and Baltimore, that change also reflects the city that made her.
Rendering of 335 Eighth Avenue (MAG Partners)
“In Baltimore, they actually welcome you,” she says, echoing a common refrain among New York developers who have pursued projects in other cities.
Gilmartin frequently blasts New York City politics on her active public speaking schedule, where she charms audiences with industry anecdotes and advocates for more women to join her field.
“The only reason Eric Adams needs to call his housing plan ‘the City of Yes’ is that everyone knows that New York is the ‘city of no’ and has been that way for a long time,” she says matter-of-factly.
Baltimore was once dubbed “America’s Comeback City,” and Gilmartin’s company of 30 employees will try to create a new comeback story there by developing 1.1 million square feet of new residential, office and hospitality properties on a 235-acre spread owned by Under Armour CEO Kevin Plank. It is a $5.5 billion development, backed by Goldman Sachs.
“Plank says he hired a New York street fighter to help him in Baltimore,” says Gilmartin.
That kind of reception is a welcome change to Gilmartin, against whom recriminations over Atlantic Yards became deeply personal. Twenty years ago, the hugely ambitious redevelopment of Brooklyn’s Prospect Heights brought protesters to her family home in Crown Heights when local residents were displaced. As Forest City wound down its New York operations, Gilmartin cut the deal to sell the project to Greenland, a Chinese firm that has since defaulted on its debt.
Before Safanad agreed to partner with MAG on its three New York projects, Trickett conducted due diligence that included understanding Gilmartin’s role in Atlantic Yards. “I think it was painful for her,” he said. “In everything that we could uncover, she was as above board as you can be in a difficult situation.”
According to Trickett, “I don’t think Baltimore was a reach out because New York was too hard. It was really relationship-based,” he said, referring to Plank and Goldman, among others. “There may be a ton that can come out of this.”
Scrapes and a scrapbook
A Queens native, Gilmartin emerged from real estate obscurity.
After her father walked out on the family with the babysitter, she and two sisters grew up with their mother in Woodstock, where a stepfather appeared and landed in jail for tax evasion. Her determination to escape the chaos of her family life often translated to real estate ambition.
“We were both self-inventions,” said Tighe. “We had huge ambitions for what we wanted to be.” Gilmartin regularly says she “won the career lottery” by meeting Tighe, and she has tried to emulate that relationship.
“Plank says he hired a New York street fighter to help him in Baltimore.”
“MaryAnne was a tremendous mentor to me,” said Susi Yu, the former head of development at MAG. “She put me in front of Bruce [Ratner]. She showed me what it was to work professionally at a high level and still show up as a mother.”
Gilmartin hired Yu out of Columbia University’s graduate real estate program to work at Forest City, eventually taking Yu with her to start MAG. “Don’t get me wrong,” Yu added. “She’s tough as a boss.”
Yu left MAG a year ago to pursue building film and TV studios in New York alongside Travis Feehan and Bain Capital. During her last year at the development firm, there were internal discussions aimed at finding a financial backer for a new round of projects.
That financial backer has yet to emerge. Still, Gilmartin is sure she doesn’t want to go piecemeal, and says she needs a partner that can guarantee the completion, speaking financially, of more than a single development project at a time.
Ideally for her, that person is a woman.
One of Gilmartin’s longstanding goals is to complete a development project with a woman in each of its leadership roles. To date, a female financial partner has eluded her most (and an investment banker who happens to be a woman isn’t going to cut it, she says). Gilmartin’s own ambitions may also complicate the picture.
“I think Safanad has been a perfect partner,” said Trickett, now at Lendlease. “It just may not be at the necessary scale for what she is trying to do over the next five, 10, 15 years.”
The Ruby at 243 West 28th Street (MAG Partners)
To match money supply with money demand, Gilmartin convenes a weekly “hunting group” to prospect for deals. Pursuits include ground leases for residential and mixed-use, public-private partnerships and sports-anchored master plans. While enthusiastic about office-to-residential conversions, “it may be too early on those to lower the cost basis,” she says.
In the meantime, there are some loose ends to tie up.
In a crawling Uber ride through Midtown, Gilmartin is on her way to a meeting about rolling over debt on her 480-unit rental building in Chelsea. Her hope is to avoid putting permanent debt on the project, given the current level of interest rates. If accomplished, she can add it to a long list of her publicized achievements over the years.
As the car turns into a tunnel, with the gilded clock on Grand Central’s facade just visible and Gilmartin’s face darkened, impossible to decipher, she briefly revisits her turbulent upbringing. Did her parents’ deaths cut short
hopes of a reconciliation, or of finally receiving their affirmation? She
“After she died, I went with my sisters and we found a scrapbook,” she says, opening an imaginary book with her hands. “She had kept everything we’d done, cut out from newspapers and pasted inside.”
“My sister joked that my section seemed to be the thickest.”
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.
MAG Partners founder MaryAnne Gilmartin speaking at ceremony (Michael Young)
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
Rendering of 300 East 50th Street (BKSK Architects) | Photo taken late May 2024 (CityRealty)
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.
300 East 50th Street, late May 2024 (CityRealty)
335 Eighth Avenue, Chelsea
Developed in partnership with Safanad and MetLife Investment Management | Design by COOKFOX 7 stories | 188 units
Rendering of 335 Eighth Avenue (COOKFOX)
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.
335 Eighth Avenue, late May 2024 (CityRealty)
May 31, 2024
YIMBY
300 East 50th Street Tops Out In Midtown, Manhattan
By: MAX GILLESPIE
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.
Photograph of MaryAnne Gilmartin, by Michael Young
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.
Just In Time For Moving Season, Homes With View Of Blue
By: Jeffrey Steele
Baltimore Peninsula’s Rye House Rooftop, with the city’s Patapsco River in the background. BALTIMORE PENINSULA
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.”
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.
Rendering of 335 Eighth Avenue – Courtesy of MAG Partners, COOKFOX Architects
