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. 50th Street.
“Safanad is proud of the partnership’s work to capitalize the 50th 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 50th 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 8th 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.
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
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