MAG, Global Holdings, Safanad sign $141.4M refi with M&T for 194-unit rental in Turtle Bay

MAG Partners, Global Holdings Management Group and Safanad through the entity 300 East 50th Street Owner LLC as borrower signed a refi loan with lender M&T Bank through the entity M&T Realty Capital Corporation valued at $141.4 million for the 194-unit residential elevator building (D6) at 300 East 50th Street in Turtle Bay, Manhattan.
The deal closed on July 15, 2026 and was recorded on July 30, 2026. The prior lender was Bank OZK which held debt that had an original loan amount of $95 million. The property has 190,644 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $741 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on April 12, 2021, for $12 million. The signatory for MAG Partners , Global Holdings Management Group and Safanad was MaryAnne Gilmartin . The signatory for M&T Bank was Wendy LeBlanc .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes MaryAnne Gilmartin, head officer and Jared Adams, site manager. The business entities are Rose Property Mgmt Grp LLC and 300 East 50th Street Owner LLC. The 190,644-square-foot property generated revenue of $10.4 million or $55 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on July 21, 2026 that Global Holdings, MAG Partners, and Safanad borrowed $141.4 million from M&T Realty Capital Corporation for 300 East 50th Street, Manhattan, NY.

The property

The residential elevator building with 194 residential units in Turtle Bay has 190,644 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 113 feet and is 100 feet deep with a total lot size of 11,398 square feet. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.3 million. M&T Bank on July 15, 2026 bought a loan with an original principal of $95.0M from Bank OZK signed by Cliffton Hill, secured by 300 East 50th Street, when owned by MAG Partners . The property has 7 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $3,230 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, M00611352. The project was submitted by Reggie Kronstadt with plans filed October 22, 2021 and permitted January 4, 2024.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 262,773 square feet of the 337,463 square feet. The largest owner is BLDG Management , followed by Mag Partners and then Mark Harounian.
On the tax block, there was one new building construction project filed totaling 117,895 square feet. It is a 114-unit, 117,895 square-foot residential (R-2) building submitted by Reggie Kronstadt with plans filed October 22, 2021 and permitted April 20, 2022.

The majority, or 68 percent of the 337,463 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that MAG Partners owned at least 10 commercial properties with 870 residential units in New York City with 619,234 square feet and a PincusCo-determined asset value of $598.8 million. Within the portfolio, the bulk, or 69 percent of the 619,234 square feet of built space are elevator properties, with D6 properties next occupying 25 percent of the space.

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