In the dynamic world of real estate development, few firms have demonstrated the rapid growth and resilience of Mag Partners. Founded and led by industry titan MaryAnne Gilmartin, the company has swiftly risen to prominence, establishing a billion-dollar development pipeline within just two years of operation. This remarkable achievement, especially amidst the complexities of the New York City real estate landscape, underscores the strength and strategic vision driving MAG Partners.
Gilmartin, a seasoned veteran known for her leadership and expertise, attributes the company’s success to its ability to secure significant projects and attract committed capital partners. Despite facing unprecedented challenges in the real estate sector, MAG Partners has not only weathered the storm but thrived, showcasing its capacity to execute ambitious developments on schedule.
Image: MaryAnne Gilmartin, CEO of MAG Partners, pictured in a professional headshot, highlighting her leadership in the real estate development sector.
Key Residential Projects Shaping New York City
MAG Partners‘ portfolio boasts impressive residential projects poised to reshape New York City’s landscape. Among these are two notable developments: 335 Eighth Avenue and 300 East 50th Street.
The redevelopment of 335 Eighth Avenue is transforming the site into a 200-unit apartment building, thoughtfully designed by Cookfox. A significant aspect of this project is its commitment to mixed-income housing, with 30 percent of the units reserved for low- and middle-income residents. The inclusion of ground-floor commercial space further enhances the building’s appeal and community integration.
Similarly, 300 East 50th Street will offer 194 multifamily units, also designed with 30 percent designated as affordable housing. BKSK Architects are behind this project, which, like 335 Eighth Avenue, will feature ground-floor retail space, contributing to the vibrancy of the neighborhood. These projects exemplify MAG Partners‘ dedication to creating inclusive and community-focused residential spaces.
Commercial Innovation in Hudson Square
Expanding beyond residential developments, MAG Partners is making significant strides in the commercial sector. The company has successfully raised equity for a cutting-edge 200,000-square-foot office building located at 122 Varick Street in Hudson Square.
This development is envisioned as “a building of the future,” reflecting the evolving needs of corporate America in a post-pandemic world. MAG Partners is incorporating design elements and operating principles learned during the pandemic, prioritizing collaborative spaces, outdoor access, and a healthy indoor environment. This forward-thinking approach positions 122 Varick Street as a prime example of innovative commercial real estate development.
Expanding Footprint to Baltimore with Port Covington
In a major strategic move, MAG Partners announced its involvement in the massive Port Covington development in Baltimore. This 250-acre master-planned project, backed by Sagamore Ventures and Goldman Sachs, represents a significant expansion for the company beyond New York City.
MAG Partners is entering this venture in partnership with another developer, creating what Gilmartin describes as “among the largest and most prolific minority development partnerships in the country.” The scale of the Port Covington project is immense, encompassing approximately 14 million square feet of development in collaboration with local authorities. This project underscores MAG Partners‘ ability to undertake large-scale, transformative developments and contribute to placemaking in growing urban centers.
Growth Reflects Company Strength
The rapid expansion and project acquisitions of MAG Partners are mirrored by the company’s internal growth. Demonstrating its strength and momentum, MAG Partners has doubled its employee roster in recent months, now employing 10 individuals. Notably, the company proudly highlights that 50 percent of its workforce is female, showcasing a commitment to diversity and inclusion within its team.
MAG Partners, under MaryAnne Gilmartin’s expert guidance, has firmly established itself as a leading force in real estate development. From significant residential projects in New York City to a large-scale venture in Baltimore, the company’s portfolio and strategic growth trajectory signal continued success and innovation in the industry.
