January 29, 2024
New York YIMBY

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.

Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young
Photo by Michael Young

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.

Photo by Michael Young

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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January 5, 2023
Commercial Observer

MAG Partners Buys Ground Lease for Residential Co-Op Redevelopment

MaryAnne Gilmartin’s MAG Partners has purchased the $63.8 million leasehold for 335 Eighth Avenue from Penn South and plans to turn the site into a mixed-income apartment building.

MAG Partners signed a 99-year ground lease for the property — currently a retail building that formerly housed a Gristedes supermarket — in a joint venture with real estate equity firm Safanad. The JV plans to redevelop the building into 188 units of affordable housing with ground-floor commercial space, The Real Deal first reported.

The commercial building in Penn South, a 10-building mixed-income complex between West 23rd and West 29th streets that has faced financial woes, will be demolished while a new rental development will bring a grocery store to the area in the planned retail space, according to MAG Partners. Penn South tapped MAG Partners to lead the development last year.

“The co-op was faced with a decision to make, after a thorough assessment from our professional engineers and real estate consultants,” Ryan Dziedziech, general manager of Penn South, said in a statement. “Either we seek additional very costly loans in order to address major capital repairs to this two-story aging commercial building or enter into a long-term ground lease with a responsible developer who will demolish the existing building and build an affordable, quality housing building that will blend into the fabric of the community and guarantee our limited equity co-op cash flow for many years to come.”

Gristedes, Midtown Tennis ClubAsylum Comedy Club and McDonald’s were previous tenants whose leases expired in the commercial building at the end of 2022, according to TRD.

Demolition of the existing structure will begin in the first quarter of this year followed by construction of a 200,000-square-foot, seven-story building designed by architectural firm Cookfox. Construction will start in the third quarter of 2023, according to MAG Partners.\

The sale of the leasehold will allow the co-op, officially known as Mutual Redevelopment Houses, to make capital improvements to remaining sections of the campus while keeping monthly maintenance fees low for shareholders and providing additional services to its estimated 5,000 residents. The deal could contribute as much as $750 million to the co-op over the length of the 99-year term, TRD reported.

“[We] look forward to starting a new mixed-income residential building that will contribute to the co-op’s beautiful campus and provide critical income to its mission,” Gilmartin said in a statement.

Mark Hallum can be reached at [email protected].



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January 5, 2023
The Real Deal

MAG Partners clinches 99-year Chelsea ground lease; MaryAnne Gilmartin’s firm to deliver 188 units with Penn South co-op

MAG Partners has closed on a 99-year ground lease for a Chelsea development site.

MaryAnne Gilmartin’s three-year-old firm inked a deal on the northwest corner of Eighth Avenue and West 26th Street with Mutual Redevelopment Houses.

The parties declined to discuss the financial terms for the deal. Sources told The Real Deal the lease starts with an annual rent of around $2 million and has yearly rent increases that are expected to bring in over $750 million during the life of the deal.

The Memorandum of Lease reviewed by TRD shows a consideration of just under $64 million. For transfer tax purposes, this number represents the estimated fair market value of the site if it were sold but does not reflect the expected rent over its term. The city received just under $415,000 in taxes.

Mutual, also known as Penn South, is a 10-building Mitchell-Lama housing cooperative in Chelsea that sprawls from West 23rd to West 29th streets, between Eighth and Ninth avenues.

MAG Partner’s new project at 335 Eighth Avenue will rise seven stories and host 188 units in the mixed-income apartment building, along with ground-floor commercial space.

The 200,000 square-foot building was designed by COOKFOX Architects.

To qualify for the previous Affordable NY Program and assure 30 percent of the units would be affordable to low-and-middle class households, the necessary footing was installed in early 2022 with the blessing of the co-op and prior to the expiration of the program.

The retail building previously included a Gristedes, the Midtown Tennis Club, the Asylum Comedy Club and McDonald’s, all of which had leases timed to expire at the end of 2022.

Demolition will begin in the first quarter of 2023 with construction during the third quarter.

This is the second deal for MAG Partners and its real estate private equity venture partner, Safanad, after developing almost 700 housing units in Manhattan, including the nearby 241 West 28th Street.

Penn South’s retail building had brought in nearly $2 million in lease revenue before taxes and repairs, enabling a reduction in maintenance fees for its resident shareholders. But when engineers said the structure needed almost $50 million in repairs to become marketable to modern tenants, it would have caused each of the 2,820 units to pay additional assessments averaging $500 per month for three years.

Penn South hired Paul Travis of Washington Square Partners to solicit proposals for the site. After culling the responses, cooperators voted in 2021 among three choices that included redeveloping the site; a taller, all-commercial project by another developer; and Mag Partners’ proposal, which offered nearly twice as much over the lease term including yearly bumps in rent.

Susi Yu and Jeff Rosen led the deal for the MAG Partners team while Joshua Stein of Joshua Stein PLLC represented Mag Partners in the legal work for the transaction.

Dena Cohen, a partner with Herrick Feinstein, represented Penn South in the lease negotiations.



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January 5, 2023

MAG Partners Closes Transaction to Develop Residential Building in Chelsea

MAG Partners, the woman-owned development firm, announced today that they closed on the leasehold acquisition for 335 Eighth Avenue with Penn South, an affordable housing cooperative located in the Chelsea community of Manhattan. 335 Eighth Avenue will be a mixed-income apartment building with ground floor commercial space, including a grocery store.  

The deal represents a second closing for the partnership between MAG Partners and Safanad, a real estate private equity firm. In 2020 the two firms announced their JV to pursue New York metropolitan area real estate together. They now have nearly 700 units of housing in development in Manhattan. 

The new 188-unit building will be developed under the Affordable NY Program with thirty percent of its units reserved for low-and-middle income New Yorkers.  The team secured the necessary footing for program inclusion in early 2022 and demolition will begin in the 1st quarter, 2023 followed by construction in the 3rd quarter, 2023.    The contextual 200,000 square foot, 7-story building is designed by renowned local architects COOKFOX.  

“We are proud to reach this important project milestone with Penn South and look forward to starting a new mixed-income residential building that will contribute to the coop’s beautiful campus and provide critical income to its mission,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “We are grateful for our continued development relationship with Safanad who is building a second rental community in partnership with us.”

“Our close on the 8th Ave transaction demonstrates our continued faith in the strength of the New York City multifamily rental market; the project builds on our deep and successful partnership with MAG Partners, as already exhibited by our joint ground-up development project on 28th Street,” said Andrew Trickett, Partner and Head of Investments at Safanad.

Penn South, also known as Mutual Redevelopment Houses, initiated a process to identify and select a development partner to transform a corner parcel with a commercial building that required significant repairs.  The ground lease payments will support Penn South’s core objective to maintain long-term affordability and quality of life for its nearly 5,000 residents.  Washington Square Partners represented Mutual in the transaction.

“The revenue generated from this new partnership with MAG Partners will provide critical funds that permits our co-op to pay for capital improvements around our aging campus, keep monthly maintenance charges affordable, and support vital services and care that our residents depend on,” said Board President Ambur Nicosia.

“The coop was faced with a decision to make, after a thorough assessment from our professional engineers and real estate consultants: either we seek additional very costly loans in order to address major capital repairs to this two-story aging commercial building or enter into a long-term ground lease with a responsible developer who will demolish the existing building and build an affordable quality housing building that will blend into the fabric of the community and guarantee our limited equity coop cash flow for many years to come,” said General Manager Ryan Dziedziech.

Susi Yu and Jeff Rosen led the deal for the MAG Partners team. The parties were represented by Joshua Stein and Alexa Klein of Joshua Stein PLLC and Dena Cohen and Francesca Venezia of Herrick, Feinstein LLP.

##

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 seven 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. Their current multi-million square foot development portfolio includes three multifamily rental buildings and a ground-up commercial development in Manhattan and a master plan redevelopment in Baltimore.

About Safanad: Safanad is a global principal-led investment house established in 2009 with offices in New York and the Dubai International Financial Centre (DIFC). The firm has executed over 40 transactions worth over US$10 billion since inception and built market-leading platforms in the US and Europe in education, healthcare, digital infrastructure, and real estate. Today, it is the owner of the largest UK care home operator with over 15,000 residents, a leading global education provider serving ~50,000 students worldwide, and a major operator of data centers across the US. Deploying its own capital, alongside strategic partners and investors, Safanad executes across greenfield / development, turnaround, and roll-up strategies. Its partners and co-investors include leading publicly listed companies, sovereign wealth funds, and institutions from the US, Europe, and Middle East. Safanad is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).

About Penn South: Penn South (legal name Mutual Redevelopment Houses, Inc.), is an affordable housing cooperative that is self-managed and overseen by its 15-member Board of Directors and subject to the regulatory jurisdiction of the New York City Department of Housing Preservation & Development.  Penn South contains 2,820 apartments with close to 5,000 residents in 15 buildings on a site bounded by Ninth Avenue, West 23rd Street, Eighth Avenue and West 29th Street in Manhattan.  

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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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
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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