MAG Partners signs $73.8M construction loan for 128-unit development in Chelsea

MaryAnne Gilmartin’s MAG Partners through the entity 335 Eighth Avenue Owner LLC as borrower signed a new construction loan with lender Bank OZK valued at $73.8 million for the 128-unit development at 335 Eighth Avenue in Chelsea, Manhattan.
MAG Partners, on October 27, 2021, filed a permit application for construction of a 128-unit, 134,085-square-foot building at 335 Eighth Avenue in Chelsea, Manhattan. Susi Yu, principal and head of development at MAG Partners, filed the plans.
The loan closed on December 22, 2023 and was recorded on January 4, 2024.
The signatory for MAG Partners was MaryAnne Gilmartin.

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 not received any significant violations in the last year.

The block

On the tax block, there was one new building construction project filed totaling 134,085 square feet. It is a 128-unit, 134,085 square-foot residential (R-2) building submitted by MAG Partners and filed by Susi Yu with plans filed October 27, 2021 and permitted March 31, 2022.

The borrower

The PincusCo database currently indicates that MAG Partners owned at least 10 commercial properties with 60 residential units in New York City with 106,598 square feet and a city-determined market value of $28.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 53 percent of the 106,598 square feet of built space are K2 properties, with walkup properties next occupying 32 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link