International real estate development and investment firm Global Holdings and real estate company MAG Partners announced a joint venture to develop a 149-unit residential tower at 122 Varick Street in Manhattan’s Hudson Square neighborhood under a long-term ground lease with Trinity Church.
The development at 122 Varick Street will comprise approximately 192,000 square feet in total, including over 5,000 square feet of ground-floor retail . The residential component will include 149 rental units delivered under the 485-x program, with approximately 25% of the residential units designated as permanently affordable.
“Trinity Church has been an exceptional partner, and we are deeply appreciative of the trust they have placed in us,” said MaryAnne Gilmartin, founder and CEO of MAG Partners. “Together, we are aligned in our commitment to delivering a best-in-class building that reflects the energy and evolution of Hudson Square. With innovative design leadership and our continued partnership with Global Holdings, we look forward to creating a project defined by quality, innovation, and enduring value.”
The announcement comes on the heels of Global Holdings and MAG Partners’ successful partnership in the unveiling of Anagram Turtle Bay, a 194-unit mixed-income residential building that is 87% leased.
“We are excited to deliver unparalleled living to the intersection of Hudson Square and SoHo, one of Manhattan’s most sought-after neighborhoods,” said Josh Feder, chief investment officer, Global Holdings. “This project represents our continued focus on creating exceptional residential environments in highly coveted locations, and we expect to deliver a spectacular building befitting Hudson Square.”
“Trinity Church NYC is excited to partner with MAG Partners and Global Holdings, whose proven execution and development expertise make them exceptional partners,” said Cynthia Maasry, deputy chief investment officer of Trinity Church NYC. “This collaboration reflects our shared long-term commitment to Hudson Square’s growth and to advancing the neighborhood as a vibrant, integrated live-work-play community.”
Kevin Donner from Cushman and Wakefield represented Trinity on the ground lease.
