Builders Safe $173M to Assemble Rental Growth at 241 West twenty eighth Avenue, Chelsea


A consortium of builders has efficiently locked in $173 million in financing to assemble a brand new 479-unit rental property in Chelsea. The brand new constructing will take form at 241 West 28th Street, close to Eighth Avenue, and is designed by COOKFOX.

The development financing was organized by Maverick Industrial Properties and the creating entities embrace MAG Companions, Atalaya, Safanad, and Qualitas. MAG Companions initially acquired the location in December 2018 and established a 99-year floor lease with Edison Properties.

“We’re excited to have the chance to be part of this partnership group, led by one in every of New York’s most revered builders, MaryAnne Gilmartin,” stated Andrew Trickett, head of investments at Safanad. “With our entry on this transaction concurrent with the closing of this mortgage, we at the moment are poised to ship a market-leading asset in an irreplaceable location in a metropolis that we imagine will come again stronger than ever within the coming years.”

As a part of the Inexpensive NY program, 30 % of the models will likely be reserved for low and middle-income households.

“As true believers in the way forward for New York Metropolis, we’re thrilled to have the ability to start building on this revolutionary undertaking that may deliver mixed-income housing and tons of of jobs at a vital time for the town,” stated MaryAnne Gilmartin, founder and CEO of MAG Companions. “That is an extremely fascinating location as main tech firms proceed to signal massive leases inside strolling distance, and we anticipate to see very robust long-term demand for this property when it opens in 2022.”

Rendering of 241 West 28th Street - COOKFOX

Rendering of 241 West twenty eighth Avenue – COOKFOX

Permits to assemble the property had been initially filed with the Division of Buildings in September 2019. These paperwork specified that the construction would prime out at 113 ft above floor and yield simply over 248,000 sq. ft. This included roughly 214,000 sq. ft of residential area and about 10,500 sq. ft of lower-level retail.

These permits additionally known as for 266 residences, which is considerably fewer than the 479 models introduced by MAG Companions. Due to this fact, it’s probably that these authentic filings are outdated.

241 West twenty eighth Avenue is predicted to be full within the latter portion of 2022.

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