BY: Betsy Kim
NEW YORK CITY— L&L MAG, the real estate development firm created in January by MaryAnne Gilmartin when she left Forest City and L&L Holding Company founders, David Levinson and Robert Lapidus, announced its first ground-up development deal.
The developer signed a 99-year ground-lease with Edison Properties at 241 W. 28th St. between Seventh and Eighth avenues. Under the Affordable NY program, L&L MAG, will build a 460-unit rental residential building, with 30% of the units reserved for low and middle-income tenants. Architects at COOKFOX are designing the building with construction expected to begin in 2019.
As part of the new development at 241 W. 28th St., L&L MAG will create a public parking garage for Edison. Photos and additional information about the property are available on PropertyShark.
Atalaya Capital Management and Qualitas are joining L&L MAG as partners on the project. Atalaya is a privately held, SEC-registered, alternative investment advisory firm, headquartered in New York City. Qualitas is one of the largest real estate asset managers in Australia. The development at 241 West 28th Street will be their first US-based investment.
L&L MAG selected Rick Cook and COOKFOX through a design competition amongst invite-only contestants. L&L MAG had previously worked with the architecture firm at 550 Vanderbilt and 535 Carlton in the Pacific Park development in Brooklyn. A spokesperson for L&L MAG declined to disclose further details regarding the lease terms, construction plans or estimated costs.
L&L Holding Company in the fall made headlines for its $880 million acquisition of Terminal Stores with Normandy Real Estate Partners and JP Morgan Chase. On Monday, Allianz announced two investments including joining the investors of the Terminal Stores project on the far West Side of Chelsea as well as acquiring a 49% stake in 53 State St. in Boston.