300 East 50th Street Update 01/30/24

Foundation Work Progresses for Turtle Bay Multifamily Project

Subcontractor, Mayrich Construction Corp, is currently forming the concrete foundation of a 23-story, multifamily building, soon to go vertical at 300 East 50th Street in Manhattan's Turtle Bay neighborhood.

Jointly developed by a team consisting of MAG PartnersSafanadGlobal Holdings Management GroupKRW Realty Advisors, and Krown Point Capital, the high-rise 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 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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