MAG Partners, led by CEO MaryAnne Gilmartin, has achieved a significant milestone in addressing New York City’s housing needs with the topping out of two new residential towers. These developments will provide nearly 400 units of mixed-income housing and are expected to have a positive impact on the city’s affordable housing market.
The first project, located at 300 East 50th Street in Midtown, is a $200 million collaboration with Global Holdings and Safanad. This 23-story building will feature 194 units and approximately 4,888 square feet of retail space. Notably, under the Affordable NY program, it will reserve at least 30% of its units for low- and middle-income residents.
In partnership with Safanad and MetLife Investment Management, MAG Partners’ second project is situated at335 Eighth Avenue in Chelsea. This development includes a Lidl grocery store spanning over23 ,000 square feetand aims to achieve Passive House and LEED Gold certifications.Additionally,itwill also designate30 %of itsunitsforlow-andmiddle-incomeresidents.The successful topping out marks another step forward for MAG Partners as they continue their mission to address NYC’s pressing need for affordable housing options.
