300 East 50th Street Update 12/04/23

Devs Land $202M Loan for Turtle Bay Multifamily Project

A development team consisting of MAG Partners, Safanad, Global Holdings Management Group, KRW Realty Advisors, and Krown Point Capital, have just secured a $202 million loan for a 23-story multifamily project, set to rise at 300 East 50th Street in Manhattan's Turtle Bay neighborhood. Issued by Bank OZK, this influx of capital will fund construction costs as well as a structured forward purchase.

The building is set to contain rental apartments, with 30% of the units to be dedicated to affordable housing. Plans also call for square feet of ground-floor retail space.

Designed by , the structure will stand feet tall and total square feet. is serving as the general contractor for the project and construction is expected to take until Q4 of 2025.

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