MAG Partners signs $95M construction loan with Bank OZK for 114-unit project in Turtle Bay

MAG Partners through the entity 300 East 50th Street Owner LLC as borrower signed a new construction loan with lender Bank OZK through the entity Bank Ozk valued at $95 million for the 22-unit residential walkup building (C7) at 300 East 50th Street in Turtle Bay, Manhattan.
On the lot, there is one active new building construction project for a 114-unit, 117,895 square-foot residential (R-2) building. The project was submitted by Krown Point Capital’s Reggie Kronstadt with plans filed October 22, 2021 and permitted April 20, 2022.
The deal closed on November 21, 2023 and was recorded on December 4, 2023. The prior lender was Emerald Creek Capital which held debt that had an original loan amount of $33 million.

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 received nine DOB violations, $12,500 in ECB penalties, and $49,510 in OATH penalties in the last year.

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 Mark Harounian, followed by MAG Partners and then Krown Point Capital.
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 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.

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