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MAG Partners and Safanad have formed a joint venture with Global Holdings Group to capitalize their new 23-story, 194-unit, mixed-use luxury residential development at 300 East 50th Street in the Turtle Bay neighborhood of Midtown Manhattan, Commercial Observer has learned.
Bank OZK (OZK) provided a $95 million construction loan for the $200 million development.
JLL Capital Markets secured both the equity and construction financing for the deal. The JLL debt advisory team was led by Geoff Goldstein and Jillian Mariutti, and Stephen Van Leer. The JLL sales and equity team was led by Rob Hinckley and Jeff Julien and Nicco Lupo.
MaryAnne Gilmartin, CEO and founder of MAG Partners, noted that the deal builds on two other multifamily projects her firm has recently developed in Manhattan: 243 West 28th Street, which launched leasing in March, and 335 Eighth Avenue, which broke ground in October.
“The capitalization of 300 East 50th Street with a partner like Global Holdings is another massive milestone and proof point for our multifamily approach,” said Gilmartin in a statement. “We are excited to deliver this beautifully designed addition to the neighborhood.”
Eyal Ofer, chairman of Global Holdings Group, called 300 East 50th Street “the perfect addition” to the firm’s growing portfolio of luxury, condo-quality rental housing in Manhattan, which includes Anagram Columbus Circle, a Columbus Circle development that opened leasing in July.
“This project is another opportunity to bring experience from our pioneering condo developments like 15 Central Park West and the Greenwich Lane to the multifamily market,” Ofer said in a statement.
The new development will sit in the affluent Turtle Bay neighborhood of Midtown Manhattan, a small hamlet of mid-20th century buildings just off the East River and near the Queensboro Bridge.
300 East 50th will feature more than 142,000 square feet of residential space across nearly 200 units and include approximately 4,888 square feet of retail space. Unit sizes will range from one- to three-bedroom apartments, while building amenities will include a courtyard, a rooftop garden, a coworking lounge, a fitness center, a pet spa and individual tenant storage.
This is yet another deal between MAG Partners and Safanad, companies that had previously formed a joint venture agreement centered around New York metropolitan area acquisitions. The project is also one of the last in the city to be developed using the Affordable New York tax incentive program, more commonly known as 421a.
Affordable New York requires at least 30 percent of units in a new development be affordable for low- to middle-income New Yorkers.
“Safanad is proud of the partnership’s work to capitalize the 50th Street deal in the face of an extremely challenging capital markets environment,” said Danny Jumblatt, managing director, Safanad, in a statement. “We are confident in the project’s success given the continued robust demand for new rental product in Manhattan and the favorable supply backdrop given the expiration of the 421a program.”
Construction is expected to be completed in the fourth quarter of 2025.
Brian Pascus can be reached at bpascus@commercialobserver.com
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