MAG Partners Tops Out Two NYC Residential Mixed-Use Towers

47
300 East 50th Street in Midtown
Designed by BKSK Architects, the building’s strong corner presence and verticality is created by detailed masonry that melds the traditions of the solid masonry corner towers of Manhattan’s Midtown East and Upper East Side neighborhoods.

MAG Partners has reached a milestone with the topping out of two new Manhattan residential towers, a significant step towards addressing New York City’s housing needs. The properties are located at 300 East 50th Street in Midtown and 335 Eighth Avenue in Chelsea.

The 300 East 50th Street in Midtown project is a $200 million development in partnership with Global Holdings and Safanad. This 23-story building will offer 194 units and 4,888 square feet of retail space. The mixed-income building will have thirty percent of the units built as affordable under the Affordable NY program.

The 335 Eighth Avenue in Chelsea project is a development in collaboration with Safanad and MetLife Investment Management. This project includes a mixed-income 190-unit apartment building with ground floor commercial space, including a grocery store operated by Lidl.  The new 190-unit building broke ground in October 2023 and will be developed under the Affordable NY Program with thirty percent of its units reserved for low- and middle-income New Yorkers.

335 Eighth Avenue in Chelsea
The redevelopment will replace the aging existing building with a modern, contextual seven-story building that is about 200,000 square feet, designed by renowned local architects COOKFOX.  At the heart of Penn South, the design seeks to bridge the historical character of Chelsea, 21st century visions of urban living and contemporary aspirations for a new building that supports sustainable and healthy living.

The company, founded by CEO Mary Anne Gilmartin, is delivering nearly 400 units of mixed-income housing across these two properties. MAG Partners is a woman-owned and managed 21st century urban development company, dedicated to diversity and inclusivity in the real estate industry.