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.
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.