300 East 50th Street (Mag Partners)
Months after topping out construction at 241 West 28th Street and announcing the redevelopment of the 355 Eighth Avenue with COOKFOX, MAG Partners turns its attention to Turtle Bay with 300 East 50th Street. A rendering on the MAG’s website shows a hardy corner high-rises with oversized windows, a setback terrace, and a roof deck. The developer describes this project as a 194-unit multi-family building with ground-floor retail and 30 percent of units built as affordable.
In a Commercial Observer profile, MAG Partners founder MaryAnne Gilmartin said they’d found footing in the new building in time for the expiration of 421a. Her firm assembled the site in partnership with Safanad, KRW Realty Advisors, and Krown Point Capital (owner behind the application filed last fall). BKSK Architects is the designer of record, and the rendering depicts a masonry-inspired design.
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Rendering of 300 East 50th Street (MAG Partners)
Walk-up from the time of the Second Avenue El to be demolished for the new tower
The rendering also shows a taller tower of approximately 23 stories, substantially higher than what has been indicated on building permits filed in October 2021, which called for a 12-story, 114-unit building expected to be condos. Updated permits for the new building have not been filed, nor have demolition permits for the four-story residential building currently on the site. As such, an estimated completion date is not yet available.
Projected market-rate rents are also not yet available, but CityRealty listings show that the median rent for the neighborhood comes $5,500/month. The site is four blocks south of The Gilroy, a contemporary, amenity-rich new rental that launched leasing last fall; the few remaining availabilities start at $4,350/month with a rent concession in place. In the opposite direction, the award-winning Summit quickly set new standards for height, luxury, and amenities in the area; a two-bedroom is available for $10,150/month.
While 300 East 50th Street is just east of the boundaries of the Midtown East rezoning, residents of the new building will nevertheless be within easy walking distance to new state-of-the-art office buildings like One Vanderbilt, 415 Madison Avenue and the new JPMorgan Chase headquarters at 270 Park Avenue. They will also be able to make the most of easy access to fine dining, the United Nations Headquarters, Grand Central Terminal, and green spaces along the East River.
Location of the project in the heart of Turtle Bay
Turtle Bay east of Third Avenue is known for its sedate sidestreets (CityRealty)
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