October 29, 2022
New York YIMBY

241 West 28th Street’s Brick Façade Nears Completion In Chelsea, Manhattan

Façade work nears completion on 241 West 28th Street, a pair of 22-story residential buildings in Chelsea, Manhattan. Designed by COOKFOX and developed by MAG Partners, Atalaya, Safanad, and Qualitas, the 400,000-square-foot complex is aiming for LEED Silver certification and will yield 480 units with 30 percent reserved for low- and middle-income households, as well as 8,500 square feet of ground-floor retail space. Urban Atelier Group is the general contractor for the property, which is located between Seventh and Eighth Avenues with frontage on both West 28th and 29th Streets.

At the time of our last update in May, the red brick façade had reached up to the height of the setbacks on the 28th and 29th Street elevations. Since then, crews from King Contracting Group laid the remainder of the 100,000 square feet of brick, supplied by Belden Tristate Building Materials, at a pace of one floor every two and a half days. The eastern side of the building has been enclosed in its EIFS envelope, and metal railings have begun to be installed at the base of some of the windows, with clips in place at their tops to hold a decorative paneling.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

Scaffolding rigs hang from both the northern and southern sides of 241 West 28th Street as workers continue to finish up the exterior. The construction elevator remains attached to the West 28th Street elevation.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

The towers on the western end of the building are awaiting their EIFS enclosure. Densglass sheathing insulation boards and the edges of each floor plate remain exposed for now.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

Residential amenities include multiple indoor lounges, a fitness center, a children’s playroom, and an outdoor lounge with a swimming pool and adjoining terrace.

YIMBY last reported that 241 West 28th Street is slated for completion in July 2023.



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May 17, 2022
Commercial Observer

#45, MaryAnne Gilmartin, Founder and CEO at MAG Partners

Last year’s rank: 50

Two years into the company’s existence, MAG Partners spent 2021 constructing a massive development empire, a feat that, to founder MaryAnne Gilmartin, shows the company’s strength and resilience.

“We were able to put together a billion-dollar development pipeline, and secure those projects in a way where we have site control,” Gilmartin said. “We will have footings in three of the residential buildings in time for the expiration of [development incentive 421a], and we have capital partners committed to everything included in that pipeline. That’s an extraordinary accomplishment during one of the most challenging times in the history of New York City real estate.”

Two of the already capitalized projects in the pipeline include 335 Eighth Avenue, a 200-unit redevelopment to create an apartment building designed by Cookfox with 30 percent reserved for low- and middle-income residents, plus ground-floor commercial space; and 300 East 50th Street, a 194-unit multifamily building also with 30 percent affordable and with ground-floor retail, designed by BKSK. 

On the commercial side, MAG has raised the equity for a bespoke 200,000-square-foot office in Hudson Square at 122 Varick Street.

“It will be a building of the future, a building that recognizes what’s important for corporate America as we all return to work,” Gilmartin said. “We’re going to capture all the elements of design and operating principles that we learned through the pandemic are important: lots of collaborative spaces, outdoor space, and a beautiful building that’s healthy inside and out.”

In a confirmation of the company’s strength, MAG has doubled its employee roster in recent months, now boasting 10 employees that make the company 50 percent female.

Looking forward, in May MAG made a major announcement regarding a project called Port Covington which is part of Sagamore Ventures and Goldman Sachs’s Port Covington development in Baltimore.

“We will be stepping into a very large master-planned development of 250 acres outside of New York with a blue chip, high-quality sponsor, and a partnership with another developer that together will make us among the largest and most prolific minority development partnerships in the country,” Gilmartin said. “It’s about 14 million square feet of development in partnership with a local municipality, in a city that needs the kind of placemaking we bring.”



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May 8, 2022
New York YIMBY

241 West 28th Street’s Brick Façade Takes Shape In Chelsea, Manhattan

Façade work is shaping up at 241 West 28th Street, a pair of 22-story residential buildings in Chelsea. Designed by COOKFOX for MAG Partners, Atalaya, Safanad, and Qualitas, the 400,000-square-foot development will yield 480 units with 30 percent reserved for low- and middle-income households, as well as 8,500 square feet of ground-floor retail space. King Contracting Group is in charge of brickwork and Urban Atelier Group is the general contractor for the complex, which is located between Seventh and Eighth Avenues on what used to be an open-air parking lot that MAG Partners acquired in December 2018 under a 99-year ground lease with Edison Properties.

At the time of our last update in January, window installation was progressing and the first portions of the brick façade had just begun to be laid. Work has been steady since then, and the warm-colored masonry now covers more than half of both superstructures.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

Only the top few floors above the setbacks are left to clad on the outer elevations, while the inner walls facing the central courtyard and the flat western elevations are further behind. The walls for the central cores that go up to the mechanical bulkheads above the last residential floors have yet to be enclosed in their dark gray metal paneling.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

YIMBY last reported that 241 West 28th Street is aiming for LEED Silver certification. Amenities include multiple indoor lounges, a fitness center, a children’s playroom, and an outdoor lounge with a swimming pool and adjoining terrace. Approximately 144 residences are to be designated as permanent affordable housing.

One noticeable change in the construction of 241 West 28th Street is the color of the brick, which appears to be more reddish brown than the lighter beige appearance in the renderings.

241 West 28th Street. Rendering by COOKFOX
241 West 28th Street. Rendering by COOKFOX
The central courtyard of 241 West 28th Street. Rendering by COOKFOX
241 West 28th Street. Rendering by COOKFOX

241 West 28th Street is slated for completion in July 2023.



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January 11, 2022
New York Real Estate Journal

MAG Partners, Safanad, Atalaya Capital Management and Qualitas, with Urban Atelier Group, top out 241 W. 28th St.

Shown (from left) are: Tom Alaimo, James Palace, Andy D’Amico, Rick Cook, MaryAnne Gilmartin, Jon Mechanic, Susi Yu, Brandon Specketer, and Jeff Rosen.

Manhattan, NY MAG Partners topped out construction on a 480-unit rental residential building at 241 W. 28th St. in Chelsea. The development is expected to be complete in late 2022.

The first development project of MAG Partners, founded by MaryAnne Gilmartin, is being designed by celebrated architects COOKFOX Architects. The building will include 8,000 s/f of ground floor retail. Developed under the Affordable NY program, 30% of the project’s units are reserved for low- and middle-income New Yorkers. Urban Atelier Group is the construction manager for the development.

The project is a joint venture between MAG Partners, Safanad, Atalaya Capital Management and Qualitas.

MAG Partners previously announced that it had secured a $173 million construction loan from Madison Realty Capital for the project.

The exterior of the building is designed with contextual masonry inspired by the historic architectural fabric of the neighborhood, while the residences will incorporate biophilic design strategies that connect its residents to nature. A landscaped canopy will welcome residents at the 28th St. entrance and a central courtyard and garden will unite the amenities and lobby areas. Above, alternating piers of hand-laid, angled brick and expansive windows allow light and shadow to dance across the façade. A series of outdoor terraces offer residents rooftop gardens and panoramic views of Midtown, Downtown, and the Hudson River.



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January 10, 2022
NY YIMBY

241 West 28th Street’s Brick Façade Begins Installation In Chelsea, Manhattan

Construction has topped out on 241 West 28th Street, a 22-story two-tower residential project in Chelsea. Designed by COOKFOX for MAG Partners, Atalaya, Safanad, and Qualitas, the 235-foot-tall, 400,000-square-foot development will yield 480 residential units with 30 percent reserved for low- and middle-income households. King Contracting Group is in charge of brickwork and Urban Atelier Group is the general contractor for the complex, which is located between Seventh and Eighth Avenues. MAG Partners acquired the Midtown, Manhattan property in December 2018 when it was still an open-surface parking lot and established a 99-year ground lease with Edison Properties.

Work has progressed rapidly since our last update in October, when the superstructure was less than halfway to topping out. Now the reinforced concrete has reached its pinnacle and work has shifted to window installation and the assembly of the walls.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

The first lower levels on the main southern elevation are having the waterproof membrane installed around the tight grid of windows.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

The opposite northern side of 241 West 28th Street is at a comparable state of progress.

241 West 28th Street. Photo by Michael Young

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

The start of the brick envelope can be spotted on one of the windows above the sidewalk scaffolding, providing a preview of the quality of the hand-laid craftsmanship. The surface of each stretcher is not a flat solid color, nor does it look too stale in its textural appearance, and thus makes it look more like a traditional brick façade with light and dark shades. On the lower part of the columns is a series of subtly protruding strips of bricks. This design feature will only be implemented on the first two levels of 241 West 28th Street. At the top is a rectangular spandrel divided into flat square panels and above that are bricks laid in soldier orientation. There is also a decorative dark metal screen with a symmetrical pattern of curving and intersecting lines that will be installed in front of every windowsill.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

241 West 28th Street is aiming for LEED Silver certification, and is expected to include about 8,500 square feet of ground-floor retail space. Residential amenities include lounges, a fitness center, a children’s playroom, and an outdoor lounge with a swimming pool and adjoining terrace. Thirty percent of the units, or approximately 144 residences, will be designated as permanently affordable housing.

The following aerial and street-level rendering depict the two buildings, which will be separated from each other by a private central courtyard. On the upper setbacks are landscaped terraces reserved for a select number of units. Around the center of the walls facing the interior of the lot are flat walls lined with what seems to be a dark gray metal surface that would contrast with the overall construction. These external parts of the edifice rise and extend toward a pair of mechanical bulkheads that follow the pattern of upper setbacks.

241 West 28th Street. Rendering by COOKFOX
241 West 28th Street. Rendering by COOKFOX
241 West 28th Street. Rendering by COOKFOX
The central courtyard of 241 West 28th Street. Rendering by COOKFOX

241 West 28th Street. Rendering by COOKFOX

241 West 28th Street is slated for completion in July 2023.



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December 23, 2021
CityRealty

MAG Partners celebrates topping out of first NYC project; COOKFOX-designed rental to bring 480 mixed-income apts to Chelsea

Just south of the slow-as-molasses and desperately needed metamorphosis of Penn Station, the area once known as the ‘Fur District’ is transforming into a vibrant mixed-use community. 2021 began with the opening of Moynihan Train Hall, the transformation of Farley Post Office into an airy, welcoming train station. Plans are moving forward for the Penn District, the transformation of the area around the much-maligned Penn Station that will also bring aesthetic and infrastructure improvements to the station itself.

A few blocks south, construction has topped out at 235 feet high and 22 stories at 241 West 28th Street, a 400,000-square-foot through-block development between Seventh and Eighth Avenues. MaryAnne GilmartinJeff Rosen, and Susi Yu of developer MAG Partners, as well as Rick Cook and Brandon Specketer of designer COOKFOX Architects, were on hand to mark this milestone, which puts the building well on its way towards its target completion of late 2022.

241 West 28th Street topping out
MaryAnne Gilmartin, Founder and CEO of MAG Partners

The project will comprise two 22-story towers, individually fronting West 28th and West 29th Streets, and a private courtyard in between. There will be approximately 8,500 square feet of retail space on the ground floor, and apartments on all floors above. As part of the Affordable NY program, 30 percent of the units (or approximately 144) will be permanently affordable to low- and middle-income New Yorkers. Permits filed in September 2019 show that amenities will include a children’s playroom, pet spa, fitness rooms, bike room, lounge, and pool.The project is targeting LEED Silver certification, and COOKFOX is well known for its work relating to sustainability and occupant wellness. Released renderings showing details of 214 West 28th Street’s facade show the building will have a planted canopy above the entrance, beautifully-articulated brickwork, and deeply-inset windows with chamfered surrounds to augment views. Additional outdoor offerings will include a central courtyard and garden, as well as a series of terraces and rooftop gardens with views of Midtown, Lower Manhattan, and the Hudson River. Examples of the firm’s commitment to biophilic design include 550 Vanderbilt Avenue150 Charles Street, Google’s expansion in Hudson Square, and a nearby condo development at 39 West 23rd Street.

Rick-Cook COOKFOX
Rick Cook of COOKFOX Architects via MAG Partners
241-West-28th-Stret-05
Rendering courtesy of MAG Partners and COOKFOX Architects
241 West 28th Street
Street-level rendering of 241 West 28th Street (MAG Partners/COOKFOX)

“We have never met a surface we haven’t wanted to plant green” — Brandon Specketer, COOKFOX

Resident landscaped courtyard located between the buildings

The new building is being developed in a joint venture between MAG Partners (led by Ms. Gilmartin), Safanad, Atalaya Capital Management and Qualitas. The lot was previously owned by major parking landlord Edison Properties and was acquired by MAG Partners in December 2018 by way of a 99-year ground lease.

The property had long been slated for development, and a 2011 rezoning allowed for new residential uses to breathe new life into the shrinking Fur District. Fast-forward nearly a decade later, the acquisition of a $173 million loan from Madison Realty Capital allowed construction to proceed.




Topping out ceremony photos via MAG Partners
November 2021
March 2020

“As true believers in the future of New York City, we are thrilled to be able to begin construction on this innovative project that will bring mixed-income housing and hundreds of jobs at a critical time for the City.” — MaryAnne Gilmartin, Founder and CEO of MAG Partners

“This marquee 480-unit multifamily rental building, located within a few blocks of Hudson Yards and other prominent tech tenant expansions on the west side, will be one of the only new multifamily rental projects built in Manhattan in the next few years,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “We were pleased to fill a void which would customarily be financed by conventional banks, and provide our flexibility, certainty, and conviction.”

NYC construction projects
Maverick Chelsea and office building 28&7 are also under construction on the block (Image credits: HAP Investments and GDSNY/Klovern)

241 West 28th Street is taking shape in what is rapidly becoming a central live-work-play community. The site is a few doors west from Maverick Chelsea, an eye-catching new building where current availabilities start at $1.5 million. Around the corner, MAG Partners and COOKFOX have teamed up again to transform 335 Eighth Avenue, an affordable housing cooperative, into a 200-unit building with commercial space, including a grocery store.

These projects will provide much-needed affordable and market-rate apartments to a central Manhattan location within walking to distance to thousands of office tenants in Midtown, the Garment District, Chelsea, and Hudson Yards. Facebook is set to occupy the office space in the James A. Farley Building, and industry giants like Apple, Google, and Amazon are among the firms embarking on expansions nearby. The area has also seen a commercial building boom over the past few years with developers undaunted by the pandemic and growing work-from home arrangements. Around this building alone, Fashion Institute of Technology is planning a multi-layered glass academic building designed by SHoP Architects across the street, and construction is winding down on 28&7, a sleek new commercial tower designed by Skidmore Owings & Merrill.

Google Earth image showing location of 241 West 28th Street
Google Earth image showing the location of 241 West 28th Street

“As a firm, we continue to believe in the future of cities as places where the world’s most talented and creative minds congregate – we expect New York City to continue to lead the way on that front and the Chelsea neighborhood to strengthen its attributes as a highly desirable place to live, work and play. We are excited to commence building this project.” — Mark Fischer, Global Head of Real Estate at Qualitas

The site is also a stone’s throw from the new Penn District plan set to transform the decrepit Penn Station and the surrounding area. Andrew Cuomo called for a new business district of 10 skyscrapers to be built, and for using the money from those buildings to finance much-needed infrastructure upgrades. More recently, Governor Hochul has called for revisions of the plan, saying, “It’s time for a Penn Station that meets the needs of New Yorkers.” Her vision calls for the same number of buildings, but not as dizzyingly high as the supertalls previously proposed. It also calls for 540 permanently affordable housing units among the 1,800 new ones proposed in the plan, as well as eight acres of public space and a plaza that would limit car traffic.

It is unclear how Madison Square Garden would fit into all this. The arena was granted a 10-year permit in 2013 so the owners could find a new home; eight years later, ownership has not revealed plans for that, but did announce that they had signed a lease for a 428,000-square-foot corporate headquarters at Penn 2, one of the new office towers in the Penn District. Some critics say that moving Madison Square Garden would let natural light into Penn Station and improve conditions from a safety standpoint. Governor Hochul’s plan calls for keeping Madison Square Garden where it is, but requiring the Hulu Theater to be demolished to accommodate a grand entrance to Penn Station.



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December 8, 2021
PincusCo

Q&A with MAG Partners’ head of development Susi Yu

PincusCo connected with MAG Partners’ head of development, Susi Yu, to discuss MAG’s topping out at 241 West 28th Street, their recent new development plans just around the corner at 335 Eighth Avenue, and more.

MAG Partners is a woman-owned, urban real estate company whose principals have designed, built, and operated over seven million square feet of office, residential and mixed-use projects, including over 2,000 units of housing. On December 7, the firm topped out their project at 241 West 28th Street and provided PincusCo Media with the following photos of the event.

This interview is part of a new series of Q&As with industry thought leaders who invest, develop, broker, or provide professional advice related to New York City real estate.

Check out PincusCo’s recent interview with Grubb Properties’ vice president of development, Paul O’Shaughnessy.

Atticus: Just this week MAG topped out their project at 241 West 28th Street, could you tell us a bit about the development?

Susi: This is our first ground-up development. It is a 480-unit multifamily rental unit project and 30 percent of the units are affordable. We closed on the site in 2019 and started working with COOKFOX as the architect. We’ve been working on this now for close to two and a half years. We closed on the project financing in November of 2020 and started the foundation shortly thereafter and topped out December 7th. We will bring the project online in January of 2023, and are currently on schedule to meet those deadlines, so we are super excited.

Were there any unexpected elements that facilitated development, or others that slowed it down?

COVID was a huge curveball. We had to close on our construction financing in order to start construction and the pandemic made us take a different route to get that done. Before the shutdown we were speaking to traditional banks about getting a construction loan and after the shutdown we had to pivot and look at different sources of capital. It took us about four or five months to find the right partner, which ended up being Madison Realty. Interestingly, because of the pandemic we were able to buy the project with favorable economics. We had awarded 60 percent of the project when the market was very competitive and relied on local sourcing to avoid supply chain issues.

Earlier this fall MAG filed plans for another Chelsea project, a 128-unit mixed-use development at 335 Eighth Avenue, could you talk a little about the project and how the deal with Penn South to develop it came to be?

MAG Partners was fortunate to be on a list of selected developers that Penn South asked for proposals from in early 2020. We submitted a residential building, designed very contextually by COOKFOX, and at the end of 2020 we were selected. We worked through the business issues with Penn South and executed the LOI earlier this year and we are now working on the ground lease and designing the building. Penn South is one of the few thriving NORCs (naturally occurring retirement communities) in NYC and it is an affordable cooperative housing with a long list of people wanting to live in the development. The revenue produced by commercial buildings, including our site, offsets the operating expenses and is critical for Penn South’s ability to keep the co-ops affordable.

According to an analysis of DOB filings since the start of 2018, Chelsea was among the most active neighborhoods in Manhattan for new development both in terms of number of new building plans filed and total dwelling units filed for. What has made this neighborhood so appealing for new development in recent years?

I think it depends on what your boundaries are of Chelsea. A lot of people push it far west, more than I would, and much further north than I would. But what I think is interesting about Chelsea is there are very few sites and I think a lot of the projects that were filed since 2018 were probably for condominiums, not multifamily rentals, given where the market was in terms of land value, like the Edison projects sold to HFZ. Companies like Facebook relocating to, I’d call it Penn Station west area, and Google literally taking over Chelsea Market, I think it makes the existing neighborhood fabric of Chelsea that much more attractive to potential tenants or condo buyers. The neighborhood also has fairly contextual zoning, so you can’t really build a tall building. So it’s an interesting neighborhood with very few available sites and then what you build has to fit in the zoning of the neighborhood. You can also walk everywhere, to Union Square, Madison Square, Meatpacking, Hudson Square, it’s very accessible but still feels like a neighborhood.

MAG’s website states that construction on the new project at 335 Eighth Avenue is expected to begin in 2022, do you have an estimated completion date?

Likely the beginning of 2026 or the end of 2025.

Do you have any other projects lined up? How are factors such as Covid-19 and the expiration of 421-a impacting development decisions?

We have another residential project that we’re working on to beat the 421-a deadline, it’s a 200-unit, multifamily rental building with 30 percent affordable. We also have a boutique office building that we have been working on for the past year and a half or so. It is about 200,000 square feet and it’s in a very strong location. We are also looking at other projects outside of New York City in order to increase our footprint. New York City is becoming a harder and harder place to develop so we are looking elsewhere, some are pretty large scale projects.

Looking even further into the future, what is the biggest change you anticipate in NYC’s development market by 2031?

I think what you’re going to see is a market where there is a dearth of rental housing because of expiring 421-a. You’re going to start to see a shortage of housing. I hope the city really focuses on how to deal with the homeless situation, in terms of providing supportive housing for the homeless population. As the city gets wealthier and wealthier, those at the bottom of the economic ladder continue to suffer because of the lack of good and safe affordable housing.

MAG Partners is a woman-owned firm, do you want to speak about the significance of that?

70 percent of our firm is made up by women, which we are very proud of. We are very committed to diversity and it is something we practice not just with our team but also with other partners we deal with. For example, we demand with our consultants that there are women who are interfacing with ownership representing their firms. You know they’re at the office doing all the work but they’re not getting the opportunity to interface with ownership or developers, and that’s how you grow business, so that is something that we do demand of our consultants. It is the same with our equity partners, our LP partner out of Australia, Qualitas, is an investment firm that was started by a woman named Carol Schwartz. We want to make sure that everyone who we work with understands what our goals and values are. That’s something that is really important for us.



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December 8, 2021
Real Estate Weekly

MAG tops out Chelsea tower

MAG Partners has topped out construction on a 480-unit rental residential building at 241 West 28th Street in Chelsea. The development is expected to be complete in late 2022.

The first development project of MAG Partners, founded by MaryAnne Gilmartin, is being designed by celebrated architects COOKFOX Architects. The building will include approximately 8,000 s/f of ground floor retail. 

Developed under the Affordable NY program, 30 percent of the project’s units are reserved for low- and middle-income New Yorkers. Urban Atelier Group is the construction manager for the development.

MARYANNE GILMARTIN

The exterior of the building is designed with contextual masonry inspired by the rich historic architectural fabric of the neighborhood, while the residences will incorporate biophilic design strategies that connect its residents to nature. A landscaped canopy will welcome residents at the 28th street entrance and a central courtyard and garden will unite the amenities and lobby areas. Above, alternating piers of hand-laid, angled brick and expansive windows allow light and shadow to dance across the façade. A series of outdoor terraces offer residents rooftop gardens and panoramic views of midtown, downtown, and the Hudson River.

The project is a joint venture between MAG Partners, Safanad, Atalaya Capital Management and Qualitas.

MAG Partners previously announced that it has secured a $173 million construction loan from Madison Realty Capital for the project.

Pictured top are project team members MaryAnne Gilmartin, Jeff Rosen and Susi Yu of MAG Partners, Rick Cook and Brandon Specketer of COOKFOX, Andy D’Amico, James Palace, and Tom Alaimo of Urban Atelier Group, and Jon Mechanic of Fried Frank.



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October 5, 2021
New York YIMBY

241 West 28th Street’s Reinforced Concrete Superstructure Climbs Over Chelsea, Manhattan

Construction is rising on 241 West 28th Street, a 22-story residential project in Chelsea. Designed by COOKFOX for MAG Partners, Atalaya, Safanad, and Qualitas, the 248,000-square-foot two-tower development will yield 479 units with 30 percent reserved for low- and middle-income households. King Contracting Group is doing the brick work and Urban Atelier Group is the general contractor for the complex, which is located between Seventh and Eighth Avenues.

Progress has been swift since our last update in June, when work was still progressing below grade. Now the reinforced concrete superstructure has reached the ninth floor, and could feasibly top out sometime this winter.

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

241 West 28th Street. Photo by Michael Young

241 West 28th Street. Photo by Michael Young
241 West 28th Street. Photo by Michael Young

Crews are also about to assemble a construction crane tower.

241 West 28th Street. Photo by Michael Young

MAG Partners acquired the Midtown, Manhattan property in December 2018 and established a 99-year ground lease with Edison Properties. The exterior of the building will showcase a richly textured brick façade and a tight grid of recessed windows. The property will yield 214,000 square feet of residential space and about 10,500 square feet of ground-floor retail space. Residential amenities include lounges, a fitness center, a children’s playroom, and an outdoor lounge with a swimming pool and adjoining terrace.

Below are additional aerial and street-level renderings of the project showing how the two towers are spaced out with what will likely be a private central courtyard, while the upper setbacks make way for numerous landscaped terraces for a select number of units. Depicted around the center of the flat inner walls are dark gray panels running down the middle, highlighting the core of each tower. These extend toward a pair of mechanical extensions that contrast with the lighter brick color facing the street. A metal canopy topped with shrubbery will protrude above the main entrance along West 28th Street.

241 West 28th Street. Rendering by COOKFOX
241 West 28th Street. Rendering by COOKFOX

241 West 28th Street is slated for completion in July 2023.



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June 23, 2021
New York YIMBY

Excavation And Foundations Progressing At 241 West 28th Street In Chelsea, Manhattan

Below-grade work is progressing at 241 West 28th Street, a 22-story, 479-unit residential project in Chelsea. Designed by COOKFOX for MAG Partners, Atalaya, Safanad, and Qualitas, the two-tower development recently acquired $173 million in construction financing arranged by Maverick Commercial Properties. MAG Partners acquired the Midtown, Manhattan property in December 2018 and established a 99-year ground lease with Edison Properties. 241 West 28th Street is located between Seventh and Eighth Avenues and will have 30 percent of residential units reserved for low- and middle-income households. Urban Atelier Group is the general contractor.

Recent photos show numerous heavy machinery onsite and steel rebar protruding along the perimeter of the foundations awaiting work on the first level of the superstructure. We also spotted the first segment of the construction crane tower around the center of the rectangular lot.

241 West 28th Street. Photo by Michael Young

241 West 28th Street. Photo by Michael Young

241 West 28th Street. Photo by Michael Young

241 West 28th Street. Photo by Michael Young

YIMBY also spotted another COOKFOX rendering of 241 West 28th Street. The illustration is looking east above the streets toward the two buildings that are separated by what could likely be a central courtyard, and gives us a much better idea of the final appearance and tight grid of windows. The rendering also highlights the upper setbacks that make way for numerous private landscaped terraces. The inner walls appear to be completely flat with gray panels running down the center, highlighting the core and mechanical extensions of each tower.

241 West 28th Street. Rendering by COOKFOX

The rendering below is from ground level across the street, and highlights the metal canopy topped with shrubbery above the main entrance along West 28th Street. Dark stone panels will line the walls at the ground-floor retail frontage, above which the main fenestration begins with its warm-colored brick masonry surface arranged in varying horizontal and vertical running bond patterns, metal railings, and dark gray spandrels.

241 West 28th Street. Rendering by COOKFOX

Permits filed with the Department of Buildings in September 2019 listed 241 West 28th Street to yield just over 248,000 square feet divided into nearly 214,000 square feet of residential space and about 10,500 square feet of ground-floor retail space. Amenities include residential lounges, a fitness center, a children’s playroom, and an outdoor lounge with a swimming pool and adjoining terrace.

A completion date of July 2023 is stated on the construction board.



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