MAG Partners is teaming up with affordable housing cooperative Penn South to redevelop 335 Eighth Avenue in Chelsea, Manhattan. The new seven-story mixed-use building will include ground-floor commercial space and 200 residential units with affordable housing for low- and middle-income residents. COOKFOX is designing the 200,000-square-foot structure.
“It is an honor to partner with Penn South and join their long legacy of community building in Chelsea,” said MaryAnne Gilmartin, founder and CEO of MAG Partners. “We are committed to building in a way that enhances this beautiful neighborhood and provides value to the coop’s long-term sustainability.”
Located on the corner of West 26th Street and Eighth Avenue, the building currently houses a Gristedes grocery store, a community tennis club, a McDonald’s, and was home to the Upright Citizens Brigade Theatre from 2003 until 2017. The new development will have a grocery store as one of the commercial tenants.
Under the Affordable NY Program, 30 percent of its units will be reserved for low-and-middle income New Yorkers. In order for Penn South to maintain affordability, MAG Partners will develop and operate the building under a long-term ground lease.
“The top priority for the board of directors is to preserve the affordability of Penn South for current residents and future generations,” said Ambur Nicosia, president of the Penn South Coop Board. “We needed a solution that does not require our shareholders to pay major increases in monthly maintenance fees. The stores are supposed to subsidize the apartments, not the other way around. I am pleased that we found a partner who will help us achieve these key objectives through the development of a new building that is contextual and appropriate to the surroundings.”
Renderings depict floor-to-ceiling glass on the ground floor, and a brick façade on the upper levels. Frontage along Eighth Avenue has an even grid of windows and bands breaking up the red-hued masonry. The exterior along West 26th Street features more floor-to-ceiling windows and several landscaped setbacks. MAG Partners has partnered with COOKFOX for 241 West 28th Street, another residential building in Chelsea.
Construction for 335 Eighth Avenue is expected to begin in 2022.
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Nice.
This is much more attractive than the current building, but it’s a shame to lose the community recreation space.
I was wondering when Penn South would give in to temptation to develop some if its underused land….