December 26, 2023
MAG Partners

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 8th 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 8th 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 50th 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 28th Street and the start of construction at East 50th Street and 8th 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 26th Street and 8th Avenue, the residential building, designed by COOKFOX, will include a 20,350 SF ground floor grocery operated by Lidl.  Construction at 335 8th 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 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 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  

MAG Partners Media Contact: 

Ashley Cotton [email protected]