MaryAnne Gilmartin on the Future of NYC, Placemaking, and Her Latest Big Project – Episode Three of the Thesis Driven Leader Series

Visit the website for the video interview – https://www.thesisdriven.com/p/maryanne-gilmartin

In this episode, I speak with one of the preeminent real estate developers of our generation, MaryAnne Gilmartin. She’s known for building Brooklyn’s Barclays Center, Atlantic Yards, and the New York Times building, to name a few. And she’s now expanding beyond New York City to develop the Baltimore Peninsula—a 177 acre project which includes 14 million square feet of new development and 40 acres of publicly accessible open space. You can listen here on Substack or:

• Apple
• Spotify
• YouTube

In this interview, you’ll hear the exciting details of her emerging new development in Baltimore as well as why this project is an excellent model for urban spaces—from the details of the master plan to the urban geography to the role of placemaking to the motivations of each stakeholder. 

MaryAnne and Brad also discuss the current development environment in New York City. MaryAnne shares her thoughts about the policies and politics that have added headwinds to new housing construction and what the city and state need to do to dig out of the housing crisis. She also shares why she’s optimistic about the city and many New York politicians and why, ultimately, she’d still bet on NYC over any other city in the world.

This interview will be inspiring to any lovers of great real estate projects and development. MaryAnne has a wealth of insights on what it takes to thrive (and survive) as a developer and what key elements make a project valuable and promising. She has a palpable passion for cities and creativity and vision for the future of the built world.

—Brad Hargreaves

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Foundations Underway At 300 East 50th Street In Midtown East, Manhattan

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

Recent photographs show the reinforced concrete foundations in progress with the slab and perimeter walls already formed, and numerous bundles of rebar protruding throughout the plot at the locations of the core and columns. Based on the pace of work, construction could reach street level by the spring.

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

The rendering in the main photo depicts the northern corner of 300 East 50th Street showing a light gray brick envelope surrounding a grid of floor-to-ceiling windows. The structure rises uniformly to the first setback on the 16th floor, which is topped with landscaped terraces. Additional setbacks are located on the 18th floor, after which the building continues to the parapet and mechanical bulkhead lined with metal grilles. The property features 100 feet of ground-floor retail frontage on the northern and western elevations, with large bay windows framed by bronze-colored paneling.

King Contracting Group will be in charge of installing the CMU blocks, brick cladding, and EIFS panels.

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

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

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

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Foundations Underway For COOKFOX’s 335 Eighth Avenue In Chelsea, Manhattan

Foundations are underway at 335 Eighth Avenue, the site of a seven-story mixed-use building in Chelsea, Manhattan. Designed by COOKFOX Architects and developed by MAG Partners and Penn South aka Mutual Redevelopment Houses, Inc., with financing provided by global holding company Safanad, the structure will span around 200,000 square feet and yield 188 rental units in studio to two-bedroom layouts, as well as a 23,000-square-foot Lidl supermarket and additional ground-floor retail space. Thirty percent of the homes will be reserved for affordable housing. Urban Atelier Group is the general contractor for the property, which 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.

Demolition had just finished at the time of our last update in early October, when the plot sat cleared and awaiting the start of excavation. Since then, crews have already created various sections of the new reinforced concrete foundations around the eastern corner while excavators continue to unearth the remainder of the rectangular parcel. The superstructure could likely start to rise above street level in late spring to early summer.

A new rendering has also been released showing the eastern elevation. The building is depicted with a red brick envelope, a grid of recessed rectangular windows, and tall floor-to-ceiling windows for the retail frontage. The residential entrance sits beneath a canopy topped with shrubbery along Eighth Avenue, and dark metal railings line the expansive rooftop terrace.

The Lidl supermarket will feature a bakery, fresh produce, a floral shop, meat and seafood, and other typical everyday essentials. The store will be the German company’s second outpost in Manhattan following a Harlem location at 2187 Frederick Douglass Boulevard that opened in February 2022. YIMBY last reported that Lidl is expected to work 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.

Ninety percent of the units will be studios and one-bedrooms, and the remaining 10 percent will be two-bedroom apartments. Residential amenities at 335 Eighth Avenue will include a fitness center, library, media lounge, coworking lounge with private workspaces, a dining area with a catering kitchen, and rooftop gardens with dining areas and a grilling terrace.

In recent news, 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 local 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.

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A moment for Baltimore | GUEST COMMENTARY

Baltimore is having a moment. The positive headlines have been everywhere the past few months, brimming with superlatives. Just last week, The New York Times placed Baltimore among its top 15 places to visit in 2024 and said the city is having an “enormous year.” Baltimore has one of the fastest-growing economies in the country. We just saw the largest drop in homicides ever. The region has been designated a federal tech hub, and the area is increasingly becoming a destination for visitors from far and wide — with CFG Bank Arena ranking as one of the highest-grossing venues globally last year.

As a result — or maybe it’s the cause — companies and institutions, private and public, are investing here again. The Ravens and the Orioles both made big commitments over the past few months (and won a lot of games), and CFG Bank Arena’s investments have helped attract the best acts in the country. Planning for the new Red Line is underway, Bloomberg Philanthropies is helping to tackle our vacant homes challenge with Mayor Scott, and our port has millions of dollars coming from the Department of Transportation down the road in D.C.

But as a newcomer to Charm City, I’ve also noticed that we’ve been conditioned to always expect the other shoe to drop. The good news about the city’s economic growth was immediately followed by a headline (in another publication) about how the growth is probably not sustainable. Give us at least a day to be inspired and optimistic about where things are headed.

When a foolish comedian took cheap shots at Baltimore last year, it was beautiful to see so many people rally together to stand up for the city, but the truth is that we’re too used to just grinning and bearing it, too tired of pushing back. As someone who spends much of her time pitching companies around the country on Baltimore as a potential home, I get it. But I also know that there’s too much good happening here to let negativity prevail. It’s time that we stand together to tell our story and finally change the narrative about the city we love.

Where do we start? Last year, the city’s economy grew to more than $50 billion. With nearly 6% growth, Baltimore beat out nearly every other similarly sized major city nationwide. Citywide, we’re seeing robust, rapid economic growth and a low unemployment rate of just 4.3%. Coupled with inspiring progress on the tragic homicide crisis, Baltimore is signaling that it’s on the brink of real change.

This was far from inevitable. Just look down I-95 to D.C., where hybrid work hollowed out the downtown and sent crime spiraling. Our sports teams are investing; theirs are planning to leave.

Leaders who care about Baltimore in Annapolis and Washington have helped a lot, too, and that is an important part of our story moving forward. In addition to DOT’s massive commitment to the Port of Baltimore, the new federal designation as a “tech hub” has made Baltimore a finalist for billions of dollars in economic development funding, while Johns Hopkins aims to make the city an epicenter for AI research. Our new governor has made Baltimore a top priority, and our mayor has partnered with faith and business leaders to announce a $3 billion plan to invest in 35,700 vacant homes. This monumental effort will bring funding to under-resourced communities that have suffered from disinvestment for far too long.

The last piece, and the one I’m most focused on, is attracting new businesses (and office leases) back to Baltimore. There too we are seeing very promising progress.  Along the Inner Harbor, the new Harborplace development proposal is a major investment in downtown. To its east, Harbor Point is seeing a slew of new tenants and businesses setting up shop. Across the city, we’re all working towards the same goal: a stronger Baltimore.

And at Baltimore Peninsula, we closed the year by announcing 15 new office and retail leases totaling over 65,000 square feet, building on CFG Bank’s historic flagship lease signed to support its expansion last year. They’ll be right across from the new Under Armour HQ, and when that campus opens later this year, it will be a milestone that all of Baltimore should celebrate.

It’s not just large corporations; all across the city, we’re seeing small businesses open in droves and trendy retailers from across the country set up shop. Hip chains like renowned restaurateur Pinky Cole’s Slutty Vegan, regional favorites like Clyde’s and large national retailers are no longer skipping Baltimore as they expand up the Northeast corridor. If you follow the money, it’s clear that Baltimore’s comeback is well underway.

We need to recognize the greatness of Baltimore and the success that we’re seeing each and every day. The city has so much going for it — incredible people, a thriving culture, a location that can’t be beat, and a relentless attitude of resilience and determination. With a robust and diverse economy, high-paying jobs and the support of state and local lawmakers, Baltimore is poised to enter a new era of innovation and growth now more than ever.

This is the next chapter in Baltimore’s story, and it’s time for everyone to celebrate our wins and continue building toward a brighter future. When we all uplift each other, we all succeed.

MaryAnne Gilmartin ([email protected]) is the founder and chief executive officer of MAG Partners, a woman-owned urban real estate company currently developing Baltimore Peninsula in partnership with Sagamore Ventures and Goldman Sachs’ Urban Investment Group. 

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52 Places to Go in 2024 – Baltimore, Maryland

Explore urban waterways and an array of Native artwork

Arts, Revitalization

It’s an enormous year for Charm City. The 60th anniversary of the Civil Rights Act is bringing in a new Justice Thurgood Marshall Amenity Center; the Baltimore Museum of Art is increasing the presence of Native artists with solo shows, thematic exhibitions and changes to displays and labels across the museum; and Baltimore Peninsula, a place for visitors and locals to shop, dine and play, will breathe new life into a long-neglected port area. For outdoor enthusiasts, a network of waterways called the Baltimore Blueway — open to kayaks, canoes, paddle boards and rowboats — will connect visitors throughout the waterfront to cultural, historic and natural sites. And movie buffs take note: The director John Waters will be in his hometown shooting a film based on his first novel, “Liarmouth.” — Daniel Scheffler

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MAG Partners’ Big Chelsea Multifamily Project Secures $151M in Financing

Bank OZK put up $73M in debt financing for the building, which will include a Lidl

BY BRIAN PASCUS JANUARY 8, 2024 1:20 PM

A joint venture between MAG Partners and Safanad has secured $151.4 million in financing to capitalize a seven-story, 181-unit mixed-use multifamily building in Manhattan’s Chelsea neighborhood, Commercial Observer has learned. 

Bank OZK (OZK) provided $73 million of debt financing, while MetLife Investment Management led the $78 million equity financing raise on behalf of both sponsors.  

Two different parts of JLL Capital Markets led the respective financing arrangements. JLL’s debt advisory financing team was led by Managing Director Geoff Goldstein and Senior Directors Jillian Mariutti and Stephen Van Leer. JLL’s equity advisory team was led by Senior Managing Directors Rob Hinckley and Jeffrey Julien, and Director Nicco Lupo. 

Hinckley in a statement described the current market as “dislocated” and said his team is “thrilled” to have completed the financing in such a challenging environment. 

“The project’s best-in-class sponsors have a proven track record delivering market-leading properties that offer outstanding investment characteristics,” said Hinckley. 

MAG Partners, led by founder MaryAnne Gilmartin, earned the right to develop the property with Safanad after winning a request for proposals from the owner of the building’s land, Penn South, an affordable housing cooperative. The project secured a 421a tax abatement prior to the law’s June 2022 expiration. Roughly 30 percent of the building’s 188 units will be reserved for low- to middle-income residents. MAG Partners plans to develop the project as an energy sustainable, LEED Gold-certified building. 

The property is at 335 Eighth Avenue, at the corner of Eighth Avenue and West 26th Street in Chelsea. Roughly 90 percent of the units in the mixed-use project will consist of studios and one-bedroom apartments, with remaining units two-bedrooms. The building will carry 30,000 square feet of amenities, including a fitness center, a media lounge, a coworking space, a ground-floor private garden, and a rooftop garden. There’s supposed to be a 25,461-square-feet Lidl Supermarket on the ground floor. 

“In a market with a 2.1 percent vacancy rate, 335 Eighth Avenue’s curated unit mix and high-level amenity package will meet demand from renters seeking to live in a desirable luxury multihousing development in the highly sought-after neighborhood of Chelsea,” said Mariutti in a statement.

The project is set to be completed in the third quarter of 2025. 

Brian Pascus can be reached at [email protected] 

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MAG adds major partner, snags $73M for Chelsea project

Bank OZK funds another deal for developer

MaryAnne Gilmartin’s firm secured a new partner for its apartment building in Chelsea, along with $73 million in construction financing.

MAG Partners and Safanad are partnering with MetLife Investment Management to build a 188-unit building at 335 Eighth Avenue.

The joint venture also closed on a $73 million loan from Bank OZK.

In January, MAG and Safanad inked a 99-year ground lease for the site, which is controlled by Penn South, a 10-building Mitchell-Lama housing cooperative.

The co-op’s board voted in 2021 to create a ground lease at 335 Eighth Avenue, as a way to generate income on the site. At the time, various leases on the site were ending in the 60-year-old retail building, for tenants including Gristedes, McDonald’s and a tennis center.

Demolition and construction began in the fall of this year, though foundation footings were in place for the project to qualify for the now-expired property tax break 421a. The project will include 188 apartments, 30 percent of which will be set aside as affordable. To ultimately qualify for the tax break, construction will need to be completed by June 2026, though the development team estimates the bulk of work will be done by late 2025. 

This latest closing follows another for MAG Partners last month. Bank OZK provided $95 million in construction financing for 300 East 50th Street, a 195-unit project in Turtle Bay.

“It is thrilling to end 2023 with a second residential closing and now nearly 400 units under construction in Manhattan,” Gilmartin said in a statement. 

Construction financing isn’t easy to come by for multifamily projects, especially those scrambling to meet the 421a completion deadline. Lenders have mandated that developers guarantee that construction is completed even earlier than 2026. Recognizing developers’ challenges, the Adams administration launched a task force this month to help projects meet the tax break’s deadline.

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MAG Partners and Safanad Secure Joint Venture with MetLife Investment Management to Capitalize $150M Development at 335 8th Avenue 

MAG Partners and Safanad Secure Joint Venture with MetLife Investment Management to Capitalize $150M Development at 335 8^th Avenue 

JV Secures $73M Construction Loan from Bank OZK for passive house residential building on the Penn South Coop Campus in Chelsea 

NEW YORK, NY. [December 22, 2006] – MAG Partners and Safanad announced today their partnership with MetLife Investment Management to capitalize 335 8^th Avenue, a $150M luxury residential building in Chelsea. The partnership also announced that it has closed on a $73 million construction loan with Bank OZK for the 188-unit, mixed-use development now under construction. The building has been designed to achieve Passive House and LEED Gold certifications.  

“It is thrilling to end 2023 with a second residential closing and now nearly 400 units under construction in Manhattan,” said Founder and CEO of MAG Partners, MaryAnne Gilmartin.  “Our beautifully designed passive house building will be an incredible addition to the West Chelsea neighborhood and contribute to the ongoing success of Penn South’s mission.”  

“Safanad is pleased to capitalize its third multifamily development in Manhattan with MAG Partners, building on the success of our Ruby Chelsea and 50th Street projects”, said Danny Jumblatt, Managing Director at Safanad. “We believe these projects are emblematic of the strength of our partnership with MAG Partners and expect them to perform strongly in the face of limited incoming supply over the next few years.” 

“This new development will bring a dependable source of commercial income to our limited-equity community. Coupled with a high-quality supermarket, Lidl, and 30% of the new apartments being set aside as affordable housing through the 421a program, the new building fits Penn South’s commitment to serving our community. We are excited for this project that will enhance our residents’ and neighbors’ quality of life,” said Ambur Nicosia, Board President of Penn South. 

Today’s announcement follows on MAG Partners and Safanad closing a $95M construction loan with Bank OZK in partnership with Global Holdings at 300 East 50^th Street last month. The investment caps a productive year for MAG Partners in the Manhattan residential market, including the start of leasing at Ruby at 243 West 28^th Street and the start of construction at East 50^th Street and 8^th Avenue. The woman-owned development company now has nearly 1,000 units of mixed-income housing in development in New York City.  

MAG Partners was selected by the affordable homeownership coop Penn South to develop the parcel on a 99-year ground lease. Located at 26^th Street and 8^th Avenue, the residential building, designed by COOKFOX, will include a 20,350 SF ground floor grocery operated by Lidl.  Construction at 335 8^th Avenue commenced in September 2023, with a ceremonial groundbreaking with local elected officials in early October.  First occupancy is expected in late summer 2025 and substantial completion in late 2025.  

JLL helped secure both the equity and construction financing for the project. JLL’s Capital Markets Debt Advisory team was led by Managing Director Geoff Goldstein and Senior Directors Jillian Mariutti and Stephen Van Leer. The Sales and Equity Placement team included Senior Managing Directors Rob Hinckley and Jeff Julien and Director Nicco Lupo. The deal was led by Jeff Rosen, Principal, and Adam Freindlich, Vice President, of MAG Partners and Danny Jumblatt, Managing Director, and Riley Solter, Senior Associate, of Safanad.  

About MAG Partners 

MAG Partners is a New York City based, woman-owned, urban real estate company with decades of experience developing in the New York City area. Collectively, the MAG Team has developed nearly 3,520 housing units and over 14.7 million square feet of office, residential and mixed-use assets. MAG Partners currently has nearly 1,000 units of multi-family development under the Affordable New York program in Manhattan today. In addition to 300 East 50^th Street, Ruby, a 480-unit luxury building in Chelsea designed by COOKFOX, began leasing in late March to strong demand. Earlier this fall, construction began on 335 8^th Avenue, a 188-unit mixed-income residential building with a Lidl grocery store.  

About Safanad 

Founded in 2009, Safanad is a global holding company combining investment and operational excellence. We develop deep conviction behind investment sectors that have strong macroeconomic tailwinds, build powerful operating platforms to capitalize on these opportunities, and realize the greatest value from this expertise through organic growth and acquisitions over time. Safanad invests in impact, with platforms in Education, Healthcare, Digital Infrastructure, and Real Estate. From offices in New York, London, Riyadh, and Dubai, the firm’s c. 40 professionals have completed more than 40 transactions totaling $10 billion. For more information, please visit www.safanad.com  

MAG Partners Media Contact: 

Ashley Cotton [email protected] 

Ravens take space at Baltimore Peninsula to showcase new stadium suites

The Baltimore Ravens have signed a lease to open a suite sales center at Baltimore Peninsula as the team prepares to kick off $430 million in renovations to M&T Bank Stadium.

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MAG Partners and Safanad Form Joint Venture with Global Holdings to Capitalize $200M Development at 300 E. 50th Street

JV secures $95M construction financing from Bank OZK for luxury 23-story residential tower set to open in Turtle Bay in 2025

NEW YORK, Nov. 30, 2023 – MAG Partners and Safanad announced today the formation of a joint venture with Global Holdings, the international real estate development and investment firm led by Chairman and Founder Eyal Ofer, to capitalize 300 East 50th Street. The JV also announced that it has closed on a $95 million construction loan with Bank OZK for the 194-unit, 23-story, luxury mixed-use development now under construction in the Turtle Bay neighborhood of Manhattan.

“300 E. 50th Street is the perfect addition to our growing New York City luxury residential portfolio,” said Eyal Ofer, Chairman of Global Holdings Group. “Anagram Columbus Circle proved the demand for condo-quality rental housing in New York, and this project is another opportunity to bring experience from our pioneering condo developments like 15 Central Park West and the Greenwich Lane to the multifamily market.”

The investment caps a productive year for Global Holdings in the residential space, including the opening of Anagram Columbus Circle, stabilization of Anagram NoMad, acquisition of 51 Irving Place, and record-breaking condo sales at the Novus in Durham, North Carolina.  

“The capitalization of 300 E. 50th Street with a partner like Global Holdings is another massive milestone and proof point for our multi-family approach,” said MaryAnne Gilmartin, CEO & Founder of MAG Partners. “Building on the launch of leasing at our Ruby development in Chelsea and the groundbreaking of 335 8th Avenue earlier this year, we are excited to deliver this beautifully designed addition to the neighborhood.”

MAG Partners and Safanad previously formed a joint venture to acquire properties and sites in the New York metropolitan area as co-general partners, including 300 E. 50^th Street.

“Safanad is proud of the partnership’s work to capitalize the 50^th Street deal in the face of an extremely challenging capital markets environment,” said Danny Jumblatt, Managing Director at Safanad. “We are confident in the project’s success given the continued robust demand for new rental product in Manhattan and the favorable supply backdrop given the expiration of the 421A program.”

Located on the southeast corner of 50th Street and Second Avenue, 300 East 50th St. will feature 142,290 square feet of luxury residential space and 4,888 square feet of commercial retail space. As part of the Affordable New York program, 30 percent of the units in the building will be affordable to low- and middle-income New Yorkers.

300 East 50th St. will offer an elevated lifestyle featuring a unit mix that includes studio, one-, two- and three-bedroom units. Designed by BKSK Architects, the property will offer a robust amenity program with an emphasis on health and wellness. It will feature a courtyard and rooftop garden, a co-working lounge with meeting rooms, social lounge with a catering kitchen, fitness center, grilling terrace, pet spa and bike and tenant storage.

JLL helped secure both the equity and construction financing for the project. JLL’s Capital Markets Debt Advisory team was led by Managing Director Geoff Goldstein and Senior Directors Jillian Mariutti and Stephen Van Leer. The Sales and Equity Placement team included Senior Managing Directors Rob Hinckley and Jeff Julien and Director Nicco Lupo. The deal was led by Jeff Rosen, Principal, and Adam Freindlich, Vice President, of MAG Partners. The site assemblage was originated by Krown Capital and KRW Realty.

About MAG Partners

MAG Partners is a New York City based, woman-owned, urban real estate company with decades of experience developing in the New York City area. Collectively, the MAG Team has developed nearly 3,520 housing units and over 14.7 million square feet of office, residential and mixed-use assets. MAG Partners currently has nearly 1,000 units of multi-family development under the Affordable New York program in Manhattan today. In addition to 300 East 50^th Street, Ruby, a 480-unit luxury building in Chelsea designed by COOKFOX, began leasing in late March to strong demand. Earlier this fall, construction began on 335 8^th Avenue, a 188-unit mixed-income residential building with a Lidl grocery store.

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 is led and 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 1,500 hotel rooms.

About Safanad

Founded in 2009, Safanad is a global holding company combining investment and operational excellence. We developdeep conviction behind investment sectors that have strong macroeconomic tailwinds, build powerful operating platforms to capitalize on these opportunities, and realize the greatest value from this expertise through organic growth and acquisitions over time. Safanad invests in impact, with platforms in Education, Healthcare, Digital Infrastructure, and Real Estate. From offices in New York, London, Riyadh, and Dubai, the firm’s c. 40 professionals have completed more than 40 transactions totalling $10 billion. For more information, please visit www.safanad.com

Global Holdings Media Contact:

[email protected]

MAG Partners Media Contact:

Ashley Cotton

[email protected]