MAG Partners and Safanad have forged a joint venture with real estate development and investment firm Global Holdings to capitalize 300 East 50th Street, a property in Manhattan’s Turtle Bay neighborhood. The JV also closed on a $95 million construction loan with Bank OZK for the 194-unit, 23-story luxury mixed-use tower.
Situated at the southeast corner of 50th Street and Second Avenue, 300 East 50th Street will feature more than 142,000 square feet of luxury residential space. The development will also offer almost 4,900 square feet of commercial retail space. In keeping with provisions of the Affordable New York initiative, 30 percent of the building’s units are being kept affordable for low- and middle-income city residents.
Competent design
“The impending June 2026 421a deadline was the biggest challenge,” Jeffrey Rosen, principal of MAG Partners, told Multi-Housing News. “We were able to overcome that with experienced sponsorship, competent design and construction teams and sophisticated partners who understand the nuances of building in New York City.”
The BKSK Architects-designed development offer studio units and one-, two- and three-bedroom apartments. A robust amenity program will emphasize health and wellness, as well as offering a coworking lounge with meeting rooms.
Located in Midtown East, the Turtle Bay neighborhood is on the east side of Manhattan extends approximately from 43rd to 53rd Streets south to north and from Lexington Avenue eastward to the East River. It is home to a number of New York City landmarks, including U.N. Headquarters and the Chrysler Building. The project is slated to open in 2025. Two months ago, a Manhattan market report indicated the borough had recovered from a post-pandemic downturn.
