New York, NY, Oct 23 (Bernama-GLOBE NEWSWIRE) — MAG Partners today announced that it has secured a $173 million construction loan from Madison Realty Capital that will allow work to commence next month on a 479-unit rental residential building at 241 W. 28th Street in Chelsea. The project will be developed under the Affordable NY program with 30 percent of its units reserved for low- and middle-income New Yorkers. Renowned architecture firm COOKFOX has designed the building. The project is a joint venture between MAG Partners, Safanad, Atalaya Capital Management and Qualitas, one of the biggest asset managers in Australia.
“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,” said MaryAnne Gilmartin, Founder and CEO of MAG Partners. “This is an incredibly desirable location as major tech companies continue to sign big leases within walking distance, and we expect to see very strong long-term demand for this property when it opens in 2022.”