335 8th Avenue Update 01/05/24

Devs Land $151.4M for Chelsea Mixed-Use Project

Joint developers, MAG Partners, Safanad, and MetLife, have secured $151.4M for a 7-story, mixed-use project, going up at 335 Eighth Avenue in Manhattan's Chelsea neighborhood. Bank OZK is the lender, and the transaction consists of a $73 million construction loan, with the rest of the sum coming in the form of preferred equity.

Designed by

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, the building is set to feature
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rental apartments, with approximately 30% of the units to be dedicated to affordable housing. Plans also call for a Lidl supermarket on the ground floor.

The structure will stand

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feet tall and total
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square feet. General contractor,
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, recently broke ground on the project in October of 2023. An estimated date of completion has not yet been announced.

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