JLL Capital Markets has arranged a $151.4 million capitalization for 335 Eighth Avenue, a seven-story mixed-use building under construction in Chelsea, Manhattan. Designed by COOKFOX and developed by MAG Partners and Safanad, the structure will yield 188 units with 30 percent reserved for low- and middle-income residents, as well as over 30,000 square feet of amenities, 25,461 square feet of retail space, and 1,150 square feet of community facility space. Financing was secured from Bank OZK and MetLife Investment Management for the project, which broke ground in October 2023.
MAG Partners was selected through an RFP process by the landowner and affordable housing cooperative Penn South. The development will predominantly feature studio and one-bedroom units, accounting for 90 percent of the total, with the rest being two-bedroom apartments.
Amenities at 335 Eighth Avenue will include a fitness center, library, media lounge, coworking lounge with private workspaces, and a dining area with a catering kitchen. In addition, residents will have access to private and rooftop gardens with dining areas, along with a grilling terrace.
The JLL debt advisory team, led by managing director Geoff Goldstein and senior directors Jillian Mariutti and Stephen Van Leer, represented the sponsors. The equity team included senior managing directors Rob Hinckley and Jeffrey Julien, and director Nicco Lupo.
Slated for completion in Q3 2025, 335 Eighth Avenue is engineered with a priority on sustainability. The development team is pursuing LEED Gold Certification by the U.S. Green Building Council and Passive House certification by the Passive House Institute U.S.
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If our life is guaranteed it will feel stable and safe, to the same is true for this project: Thanks.
Penn South has a huge parking lot that should also be replaced with housing (and an underground garage).
Why is this not at least 20 stories?
Did they keep it low so that it wouldn’t affect views from the neighboring Penn south towers? This building seems to have a similar low profile as the building it replaced, the gristedes with the tennis bubble on top.