L&L MAG inches closer to constructing residential building in Chelsea

L&L MAG, the joint venture of L&L Holding and former Forest City Ratner CEO MaryAnne Gilmartin, moved a step forward in its plan to build a residential building at 241 West 28th Street in Chelsea.

L&L MAG terminated the parking lease on March 19 that it signed in December 2018 with the tenant, Edison Property Group.

The developer controls the parcel through a 99-year ground lease signed with Edison in 2018, in which L&L MAG is the tenant and Edison is the landlord.

Also last week, the NYC Department of Buildings gave partial approval to the construction plans. In 2018, the project was described as a 460-unit building with 22 stories, but in the DOB filings from 2019 it was described as a 266-unit project with 11 floors.

Cook + Fox Architects is listed as the architect for the project.