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L&L MAG Debuts with Chelsea Residential Project

L&L MAG, the new real estate development firm launched earlier this year by MaryAnne Gilmartin with L&L Holding Company founders David Levinson and Robert Lapidus, has struck its first ground-up development deal. The firm will partner with Atalaya Capital Management and Qualitas to develop a 460-unit rental residential building at 241 W. 28th St. in Chelsea.

The site currently holds a block-through parking lot owned and operated by Edison Properties and long-designated for redevelopment. L&L MAG structured a 99-year ground-lease with Edison, and will build a public parking garage as part of the new development.

“We brought together the perfect team for this project – Atalaya and Qualitas – and have shown we can advance the most complex deals in a very short period of time,” said L&L MAG CEO Gilmartin. “We are going to pursue a diverse set of projects across sectors and expect this will be the first of many.”

Pictured: Levinson, Gilmartin and Lapidus

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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