After decades of shaping New York City’s skyline, Gilmartin’s latest chapter began in 2018 with the launch of her MWBE-certified development company.
Gilmartin’s MAG Partners has built a $1 billion development pipeline, including Ruby at 243 West 28th Street, a mixed-income residential building and two luxury projects, Mabel at 335 Eighth Avenue and Anagram Turtle Bay at 300 East 50th Street.
Before launching MAG, Gilmartin served as president and CEO of Forest City Ratner Companies, overseeing some of the city’s most high-profile developments, including the Barclays Center, the 22-acre Pacific Park Brooklyn project, and The New York Times building.
Gilmartin’s entry into real estate was serendipitous. A professor suggested she apply for an urban fellowship, a unique opportunity to work with city agencies during Ed Koch’s administration. She began managing complex projects, like negotiating with an 82-year-old squatter with four pit bulls and a shotgun over a site where the city wanted to build a police department tow pound.
“I solved his problem and I said to myself, ‘if this is what real estate is about, it’s about human relationships and connection,’ and I thought, ‘this is sort of fun,’” Gilmartin said.
The Industry Dish: inside the mind of MAG Partners’ MaryAnne Gilmartin
By: Brand Studio
In the high-stakes world of NYC development, MaryAnne Gilmartin stands as a titan of transformation. As the Founder and CEO of MAG Partners, Gilmartin has orchestrated some of the most iconic projects in modern history, like the Barclays Center and the New York Times Building. Her philosophy is rooted in the belief that the most successful projects are those that prioritize human experience and architectural excellence over the path of least resistance.
“We’re like a little engine that could, kind of punching above our weight,” she says. “[We want to] prove that you can build beauty and still create value, not just for the investors and the partners, but the communities in which we build.”
Gilmartin reflects on her career and experience leading a woman-owned firm that thrives on embracing challenges. She offers a profound look into how substantive work serves as an equalizer in the business, and insight into her signature approach, which includes a deep-seated sense of duty to the city itself. “Our contributions are mighty, and that is why they need to be done responsibly,” she says.
This conversation captures the essence of a leader who builds for people, ensuring every project delivers lasting value to the communities it serves.
“I encourage young people to get out there and… actually get your hands dirty, literally try to get something built,” she says. “Once you do that, no one can ever take it away from you.”
Watch the video to hear Gilmartin’s thoughts on leadership, grit, and the art of building for the common good.
The interview was filmed at the BSH New York Experience & Design Center, home to Bosch, Thermador and Gaggenau. Thanks to BSH for sharing their space and making this interview possible.
Looking back at 2025, what was the biggest highlight and biggest challenge for MAG Partners?
2025 has been a defining year for MAG Partners. The biggest highlight was without question the opening of two extraordinary residential buildings, Mabel in Chelsea and Anagram Turtle Bay in Midtown East. Both represent the best of what we stand for: design excellence, high performance and long-term value creation. To see both buildings achieve incredible lease-up momentum is deeply gratifying. Both buildings are renting way above asking rents and are over 60 percent leased.
At the same time, this year has tested every developer’s resolve. We’ve been operating in an environment marked by constant uncertainty, uncharted territory in the mayoral race, tariffs and turbulence in Washington, and persistent strain in the capital markets. Interest rates and lending restrictions continue to make even good projects harder to capitalize.
But, if anything, these challenges have underscored the strength of our team and our model. We’ve stayed disciplined, creative and optimistic — qualities that have carried us through volatile markets before and will again.
What are the key transaction opportunities you’re seeing in New York City versus Baltimore, and where are you spending the majority of your time today?
We are spending most of our time capitalizing our pipeline of New York residential deals. While our work in Baltimore has been an exceptional example of our placemaking, leasing and operating know-how, at our core we are builders, and we see enormous potential in New York City development in 2026 and beyond.
What would you like to see out of the next New York mayoral administration? What’s key for commercial real estate?
New York needs a pro-business mayor who understands that growth and affordability are not opposing forces, they are interdependent. The only way we will meaningfully address the city’s housing crisis is through true partnership with the private sector. Developers are ready to build; what we need is leadership and programs that make it possible. As Maryland Gov. Wes Moore says: We do not have to choose between a competitive economy and an equitable economy — we can and should have both.
What type of local, state or federal policy would you like to see implemented to benefit multifamily development in coming years?
We urgently need a modified 485x program in New York state, a successor to 421a that recognizes how essential private development at scale is to meeting New York’s housing needs. The current tools do not balance feasibility with public benefit.
What do you wish you’d known going into 2025 that you know now?
As an industry and a city, we have been whipsawed daily by headline news ranging from tariffs, interest rates, urban crime, elections and geopolitical instability. Never in my career have we faced so many external macro challenges outside of our control that impact our business and create uncertainty in such an intense and short time. While we are more resilient than ever because of this, knowing it would become the new normal would have made it less stressful to manage.
Lighting Round:
Borrowing costs up or down by late 2026? Down — we have seen it already. The interest we have seen on our financing and capital raise is well beyond what we have seen in the last five years.
More excited about — interest rate cut or Taylor Swift’s engagement ? We’re ready for a rate cut — it’s been “a cruel summer” for capital markets and swifter rate reductions would be exciting.
When was your last vacation and where? In September. A fabulous East meets West adventure in Istanbul, Bodrum and Ireland.
What’s your kryptonite? Being away from my family for too long.
How are the tariffs going to affect your Thanksgiving shopping? We locally forage for this quintessential American holiday (we source our bird, carbs and veggies from the North Fork), so the only impact will be the wine list!
If Stephen Starr asked you which restaurant he should next reopen, what would it be? Talde in Park Slope.
New York City’s commercial real estate industry has faced wave after wave of challenges in 2025, from the introduction of tariffs and federal funding cutbacks in the spring to the local political uncertainty introduced by November’s looming mayoral election.
The ability to navigate the turbulence is the hallmark of the 27 women who were named Bisnow New York Power Women for 2025, to be honored at a cocktail and awards reception Oct. 8 at 120 Broadway.
The two winners of this year’s Icon and Influencer Award, MAG Partners founder and CEO MaryAnne Gilmartin and MSquared founder Alicia Glen, said sticking to their specialized areas and staying disciplined has been paramount as headlines throw investors into a panic.
Both women have managed to pull together standout moments in NYC’s commercial real estate scene during a moment when other developers have been stuck.
This summer, MAG Partners opened two residential buildings, the 194-unit Anagram Turtle Bay at 300 E. 50th St. and the 188-unit Mabel at 335 8th Ave. MSquared, meanwhile, acquired full ownership of a 1,193-unit property at 3333 Broadway in Manhattanville for $323.5M with a consortium of other investors and recently closed a $140M raise for the firm’s second fund.
But it has been far from easy.
“Never have I seen daily national headlines whipsaw our business the way, or at least for our company, the way that it has since January,” Gilmartin said, adding that ”Liberation Day” — the day that President Donald Trump officially began his tariff campaign — was a “colossal stress inducer.”
The impact of cuts to federal programs has been a particular pain point for affordable and mixed-income housing investors and developers like Glen’s firm. Deals have gotten harder to put together because some resources are no longer available, she said.
“Business is very much focused on the relationship with the public sector and how you leverage government’s policies and capital and money to promote affordable housing,” Glen said.
New York City’s upcoming mayoral election could increase those tensions, Gilmartin said. While she said a potential Zohran Mamdani mayoralty would have minimal impact on the ground-up development business, it could heighten the need for strategic thinking among builders. Trump’s staunch opposition to Mamdani poses a potential complicating factor.
Political uncertainty at home and abroad has led to extra sensitivity and caution in the capital markets.
“Our investors are international, and they tend to be very sensitive to headlines,” Gilmartin said. “War is hard. War is harder when you’re dealing with international investors that are from that region.”
Both have decades of experience helping to shape New York into what it is today — Gilmartin developed the Barclays Center as head of Forest City Ratner, and Glen was the tip of the spear for Mayor Bill de Blasio’s housing policy. While they expressed apprehension about the city’s short-term course, they have long histories of navigating the challenges while being one of few women in the room.
“For women in particular, you do have to be smarter than everybody else in order to get the authority to be in charge, or to raise capital or to run a city,” Glen said. “There are lots of women in the industry, but you have got to really own it, and you had better be the person that is making the decisions.”
NYC Developers Build 99-Unit Buildings to Avoid Wage Requirements
By: Paulina Cachero
A new tax program is leading some developers to change their construction plans.
Iron contractors work on the facade of an apartment building in New York.Photographer: Angus Mordant/Bloomberg
There’s an unmistakable trend across New York City: Real-estate developers are seeking to construct buildings with exactly 99 units. No more, no less.
In the past four quarters, 28 such permits were filed, more than double the total from the previous 16 years combined, according to city data analyzed by the Real Estate Board of New York, a lobbying group.
To those in the industry, there’s no question what’s behind the pileup at that precise number: A new tax program for real estate developments that requires higher worker wages for buildings with 100 or more apartments.
Last year, the New York legislature passed 485-x, which allows developments in New York to receive a tax break if they include a certain number of affordable housing units. It replaces a similar program called 421-a that expired in 2022. However, the new program requires developers of buildings with 100 units or more to pay workers at least $40 an hour — a mandate far more stringent than the prior one.
Developer MaryAnne Gilmartin is a case in point for the results of the program. She once envisioned a pair of 400-unit rental towers on a NYC lot, but she’s now considering as many as six smaller buildings — a patchwork of projects that ultimately would deliver fewer apartments. The revised plan would take longer to execute and cost more per unit, but Gilmartin said this is the more financially viable option for her.
It’s an unintended consequence of an initiative designed to substantially expand the city’s supply of housing, a crucial need at a time when spiraling rents have made life in New York more unaffordable than ever. The Real Estate Board of New York and many developers argue that 485-x hampers their efforts and will lead to fewer units than might have gotten built under the old program it replaced.
The wage requirements “are a huge burden,” said Gilmartin, chief executive officer of MAG Partners. “We’ll build less housing, less quickly, and it’s less financially viable. Frankly, we just have less ability to address this housing crisis.”
Unaffordable Housing
The city’s housing shortage has gotten so dire that every candidate in this year’s mayoral race has a proposal to remedy it. As soaring costs threaten to send New Yorkers fleeing, there’s broad agreement on the idea that the faster more homes can get built, the better. Help has come from state legislators, which passed 485-x last year, while city lawmakers have enacted zoning changes to pave the way for more residential construction — a step toward Mayor Eric Adams’ “moonshot” goal of adding 500,000 units by 2032.
Ahead of the mayoral election, as candidates debate the best ways to alleviate the housing crisis, the new flood of 99-unit buildings is a signal of how changes in policy can have far-reaching and unintended effects.
Under 485-x, wage minimums go up with the number of apartments. For example, workers on buildings with 100 to 149 units must be paid at least $40 an hour with 2.5% annual raises. Crews on 150-unit projects would be paid an hourly minimum of $63 or more, depending on the location.
This means affordable housing will be built in “smaller amounts and at a slower pace,” said Daniel Bernstein, an attorney at Rosenberg & Estis who works with developers. “There is going to be more housing produced. But you will not see the amount developed at scale because of the construction-wage requirements.”
485-x Tax Abatement Program
Source: Rosenberg & Estis Note: Outlines policy for rental buildings only
Wage requirements under the previous program, 421-a, kicked in at 300 units and were less stringent, giving developers the ability to pay certain laborers less than others, according to Bernstein. With 485-x, the minimums largely apply across all trades, he said.
On sites with 99 units or less, workers must only be paid the city’s minimum wage of $16.50 an hour. The average hourly wage for an entry-level construction worker is typically $18.30 an hour, while the most experienced workers can get up to $50.38, according to the New York Department of Labor.
In return for the higher wage requirement, 485-x offers more-attractive tax incentives over a longer period of time, Bernstein said.
Higher Costs
But even with those benefits, the 150-unit wage minimum would tack on 20% to a project’s hard expenses, said Gilmartin, who’s considering buildings with 99 or 149 apartments on the site where she would have built two larger towers under the prior program.
Developer MaryAnne Gilmartin during a groundbreaking ceremony at 335 Eighth Ave. Source: MAG Partners
Add in high interest rates, rising land costs and the looming impact of tariffs, and the math on larger buildings doesn’t make sense, said Rick Gropper, founding principal at Camber Property Group, a New York-based firm that specializes in developing affordable and mixed-income housing.
Other than potentially saving money on wages, a series of smaller buildings enables each to qualify for its own tax break. On the other hand, that means more paperwork and time spent on construction. And whether a property has 99 units or 200, they all have to meet the same standards, making the economics of scaled-down projects complicated as well, according to Gropper.
“You still have to have an elevator and other building requirements, with only 99 units to offset those costs,” he said.
While most of the initial 485-x projects are on the smaller side, the New York City Department of Housing Preservation & Development, which manages the tax incentive program, is talking with some companies that are exploring bigger properties but haven’t yet registered plans, a spokesperson for the agency said.
‘Important’ Buildings
REBNY has warned that the city’s housing needs are massive and that while the group supports any program that encourages construction, the wage mandate means 485-x won’t come close to generating enough units to give New Yorkers meaningful rent relief, said Henry Perez-Tlatenchi, a senior policy researcher at REBNY.
Still, midsize buildings are “important,” especially in neighborhoods outside Manhattan, where towers with hundreds of units may not be a good fit, he said.
To be sure, 485-x has jump-started housing production after the expiration of 421-a brought new projects to a standstill. REBNY’s analysis for the second quarter showed 6,943 proposed dwelling units citywide, nearly double the amount seen for the three months through September 2022, the first period after 421-a lapsed.
Affordable-housing advocates say that while they do expect 485-x to spur development, they haven’t yet seen enough evidence that the program is working as intended.
“It’s important that we are maximizing zoning on each site and are building housing that works in different neighborhood types,” said Rachel Fee, executive director of the New York Housing Conference, which worked with the state on 485-x. “We’re still very early in the life of the tax incentive. But if we’re not seeing larger buildings, then we would need to revisit this.”
Earlier this summer, MaryAnne Gilmartin sat down with No Cap Podcast co-hosts Jack Stone and Alexander B. Gornik to record an episode about “The Art of Placemaking in NYC.” The No Cap Podcast by CRE Daily is known for its honest conversations with leaders shaping the future of real estate, and this one is a must-listen.
In this sit-down conversation with MaryAnne, she offers rare insights into her journey from Brooklyn roots to shaping iconic developments across New York City. During the episode MaryAnne dives into her early career in public service and what it taught her about cities, defines her approach to development and her placemaker philosophy, and shares behind-the-scenes stories from projects like the New York Times Building and Barclays Center.
Catch the full episode so you can be sure to hear from MaryAnne herself on what it means to truly shape cities with purpose.
August 13, 2025
MaryAnne Gilmartin on Building NYC, Resilience & Redefining Real Estate
Our CEO MaryAnne Gilmartin never shies away from sharing the real story – especially if it helps inspire the next generation of real estate leaders.
On the latest episode of Building Against All Odds with Leo Jacobs, Esq. of Jacobs P.C. , MaryAnne sits down for an unfiltered conversation about navigating volatility, leading with purpose, and the art of building not just buildings, but a legacy.
From her biggest wins to the toughest setbacks, she reflects on what it really takes to stay the course in a complex, constantly shifting industry.
🎧 Listen and here how in a market where clarity is rare, resilience is everything.
July 30, 2025
Commercial Observer
Urbana Cafe & Gallery Signs 1K-SF Lease at MAG Partners’ Ruby
By: Larry Getlen
Urbana Cafe & Gallery has signed a 10-year lease for 983 square feet on the ground floor of MAG Partners’ 243 West 28th Street in Chelsea, the 480-unit residential tower known as Ruby, the landlord shared with Commercial Observer.
The new cafe is slated to open in 2026.
Cushman & Wakefield’s Alan Schmerzler, Sean Moran, Pat O’Rourke and Catherine Merck represented MAG Partners in the transaction. Brad Schwarz from Lee & Associates represented Urbana Cafe.
The asking rent was not disclosed. Available street-level retail spaces in Manhattan’s West 20s are currently advertised on LoopNet for annual rents ranging from $48 to $127 a square foot.
“We’re excited to welcome Urbana Cafe & Gallery as our newest tenant within Ruby,” MaryAnne Gilmartin, founder and CEO of MAG Partners, said in a statement to CO. “We carefully curate our retail spaces to serve as an extended amenity to our residents, and look forward to a longtime partnership. The cafe is sure to be a beloved hot spot for our Ruby community and the neighborhood at large.”
This will be Urbana’s second New York City location, following its outpost at 144 10th Avenue. The company is hoping it will be the second of many.
“We’re proud to begin our partnership with MAG Partners and to expand our shop locations across the country,” Omar Emera, owner of Urbana Cafe, said in the statement. “Our newest location at Ruby in Chelsea will offer an exceptional experience to the tenants and neighborhood as we continue to grow and serve our communities.”
Other recently signed retail tenants at Ruby include the pet store Pet Evolution and wellness company Saint, as previously reported in CO.
Design Firm Ayers Saint Gross Inks 25K-SF Lease at Baltimore Peninsula
By: Nick Trombola
The lease deal is among the biggest signed at MAG Partners’ megadevelopment in recent months.
The Baltimore Peninsula office leasing team is on a roll, with the latest deal coming by way of employee-owned design firm Ayers Saint Gross.
The Baltimore-based firm inked a 25,000-square-foot lease at 2455 House Street, an eight-story property within the sprawling Baltimore Peninsula megadevelopment on the bank of the Patapsco River. MaryAnne Gilmartin’s MAG Partners and MacFarlane Partners lead the development team alongside Sagamore Ventures and Goldman Sachs Asset Management.
Cushman & Wakefield’s Courtenay Jenkins, Linn Worthington, Matt Melnick and Rich Thomas represented the landlords in the deal. Other tenants at Ayers Saint Gross’ new digs include CFG Bank, which took three floors there in 2024 for its new headquarters, as well as retailers Daily Grind and Molly’s Dog Care.
The Baltimore Peninsula landlords have been busily securing tenants lately, though mostly at the development’s Rye Street Market district. The University of Maryland (UMD) earlier this month, for instance, inked a 12,500-square-foot deal for its Robert H. Smith School of Business.
UMD joined brokerage firms such as Newmark, which inked a 4,550-square-foot lease in June, and PricewaterhouseCoopers, which signed for 23,000 square feet in May, along with the Baltimore Ravens, design firm Chambers, and others.
MAG Partners Announces Urbana Cafe & Gallery Retail Lease at Ruby in Chelsea
Coffee Shop and Gallery Signs New 983-Square-Foot Lease At The Base of The Fully Occupied New Development Residential Tower In Chelsea
NEW YORK – (July 29, 2025) – High-profile woman-owned real estate company MAG Partners today announced the retail lease signing of Urbana Cafe & Gallery, a coffee shop known for its commitment to serving high-quality, ethically sourced coffee, at its 480-unit residential tower, Ruby. The approximately 1,000-square-foot ground floor lease is located at the base of the building — MAG Partners’ first New York City residential development at 243 West 28th Street. The cafe will open in 2026.
“We’re excited to welcome Urbana Cafe and Gallery as our newest tenant within Ruby,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “We carefully curate our retail spaces to serve as an extended amenity to our residents and look forward to a longtime partnership. The cafe is sure to be a beloved hot spot for our Ruby community and the neighborhood at large.”
Founded in 2021, this is Urbana Cafe’s second location in New York City. In addition to coffee, the store will also offer baked good, goods such as pain au chocolat, rhubarb scones, avocado toast, and seasonal specials.
Urbana Cafe joins other retail tenants at Ruby including pet store Pet Evolution and wellness company SAINT.
“We’re proud to begin our partnership with MAG Partners and to expand our shop locations across the country,” said Omar Emera, Owner of Urbana Cafe said. “Our newest location at Ruby in Chelsea will offer an exceptional experience to the tenants and neighborhood as we continue to grow and serve our communities.”
The news comes on the heels of MAG Partners’ dual leasing launch of two other new Manhattan multifamily projects. The first, located just one block from Ruby at 335 8th Avenue in the heart of Chelsea, is Mabel, a 188-unit luxury rental building that also includes a 23,000-square-foot ground floor Lidl grocery store. Simultaneously, MAG Partners also launched leasing at Anagram Turtle Bay, a 194-unit building located at the corner of 50th Street and Second Avenue. There, the beloved Serafina brand will open its first restaurant offshoot, Serafina Mare, within the ground floor retail space, with a special focus on seafood.
Designed by COOKFOX, Ruby is a 480-unit luxury residential building that opened in 2023 and is fully occupied. The building features two towers with retail frontages on both 28th Street and 29th Streets, utilizing high-performance building systems to provide residents with an urban sanctuary.
Located across the street from the Fashion Institute of Technology (FIT) between Seventh and Eighth Avenues, within New York City’s Garment District, Ruby is named after Ruby Bailey, an expressive visual and performance artist and master beader. The building’s architectural expression is inspired by the
historic fabric of the turn-of-the-century Garment District neighboring buildings, incorporating biophilic elements throughout its amenities.
Cushman & Wakefield’s Alan Schmerzler, Sean Moran, Pat O’Rourke, and Catherine Merck represented the landlord, MAG Partners, in the transactions. Brad Schwarz from Lee & Associates represented Urbana Cafe.
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About MAG Partners
MAG Partners is a woman-owned, urban real estate company with decades of experience developing impactful, iconic, large-scale projects throughout New York City. Led by MaryAnne Gilmartin, together the MAG Partners team has successfully designed, built and operated over 7 million square feet of office, residential and mixed-use projects, including over 2,000 units of housing, with a total value of over $4.5 billion. The firm believes and has proven that principles of beauty, diversity and sustainability create lasting value.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
