300 East 50th Street Update 10/09/24

Facade Installation Continues for 23-Story Turtle Bay Multifamily Project

Masonry subcontractor, King Contracting Group NY, has made significant progress on the facade install for a topped-out, 23-story, multifamily building, going up at 300 East 50th Street in Manhattan's Turtle Bay neighborhood.

 

Photo Credits: King Contracting Group NY

Jointly developed by a team consisting of MAG Partners, Safanad, Global Holdings Management Group, KRW Realty Advisors, and Krown Point Capital, the high-rise is set to contain

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rental apartments, with 30% of the units to be dedicated to affordable housing. Plans also call for
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square feet of ground-floor retail space. Designed by 
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, the structure stands
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feet tall and totals
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square feet. 
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 is serving as the general contractor and construction is expected to take until Q4 of 2025.

Back in December, the development team secured a $202 million loan for the project. Issued by Bank OZK, this influx of capital is being used to fund construction costs as well as a structured forward purchase.

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