MAG Partners signs $149M refi loan with Sumitomo Mitsui Banking for 480-unit rental in Chelsea

MAG Partners through the entity 241 West 28th Street Owner LLC as borrower signed a refi loan with lender Sumitomo Mitsui Banking Corporation valued at $149 million for the 480-unit residential elevator building (D6) at 241 West 28th Street in Chelsea, Manhattan.
The deal closed on March 13, 2026 and was recorded on March 20, 2026. The prior lender was Elliott Investment Management which held debt that had an original loan amount of $145 million.The property has 431,428 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $345 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 July 3, 2023, for $396.4 million. The signatory for MAG Partners was MaryAnne Gilmartin . The signatory for Sumitomo Mitsui Banking Corporation was Alex Cabria .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes MaryAnne Gilmartin, head officer and Sally Nogueira, agent. The business entities are Rose Property Mgmt Grp Llc and 241 West 28 Street Owner Llc.

The property

The residential elevator building with 480 residential units in Chelsea has 431,428 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 149 feet and is 197 feet deep with a total lot size of 29,477 square feet. The lot is irregular. The zoning is M1-6D which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $99.8 million. Sumitomo Mitsui Banking Corporation on March 13, 2026 bought a loan with an original principal of $145.0M from Elliott Investment Management signed by Jay Vora , secured by 241 West 28th St, when owned by MAG Partners . The property has 480 rent regulated units according to city tax records from 2024.

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 $2,550 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, 121206140, for a 480-unit, 351,185 square-foot residential (R-2) building. The project was submitted by MAG Partners and filed by Susi Yu with plans filed September 16, 2019 and permitted May 18, 2021.

The block

On this tax block, PincusCo has identified the owners of 10 of the 21 commercial properties representing 1,261,874 square feet of the 1,660,370 square feet. The largest owner is Buchbinder & Warren, followed by Lexin Capital and then Capstone Equities.
On the tax block, there were four new building construction projects totaling 880,958 square feet. The largest is a 480-unit, 351,185 square-foot residential (R-2) building submitted by MAG Partners and filed by Susi Yu with plans filed September 16, 2019 and permitted May 18, 2021. The second largest is a 112-unit, 228,989 square-foot residential (R-2) building submitted by HAP Investments and filed by Lawrence Gerstein with plans filed September 8, 2016 and permitted May 15, 2019.

The majority, or 47 percent of the 1.7 million square feet of built space are office buildings, with elevator buildings next occupying 44 percent of the space.

The borrower

The PincusCo database currently indicates that Mag Partners owned at least eight commercial properties with 390 residential units in New York City with 187,806 square feet and a city-determined market value of $22 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 187,806 square feet of built space are D6 properties, with walkup properties next occupying 7 percent of the space. They are all located in Manhattan.

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