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Penn South Taps MAG Partners for Mixed-Income Redevelopment
MaryAnne Gilmartin’s MAG Partners is expanding its development footprint in Chelsea with its selection by affordable housing cooperative Penn South to redevelop 335 Eighth Ave. into a mixed-income apartment building with ground-floor commercial space, including a grocery store. MAG Partners will develop and operate the building under a long-term ground lease.
The new 200-unit building will be developed under the Affordable NY Program with 30% of its units reserved for low-and-middle income New Yorkers. The building will commence construction in 2022.
The redevelopment will replace an aging existing building with a seven-story building development of approximately 200,000 square feet, designed by COOKFOX. MAG Partners and COOKFOX are also working on the nearby 241 W. 28th St., a 480-unit apartment building.
“We are committed to building in a way that enhances this beautiful neighborhood and provides value to the co-op’s long-term sustainability,” said Gilmartin.
- ◦Development
