NEW YORK CITY — Global Holdings and MAG Partners have formed a joint venture to develop a ground-up project in Manhattan’s Hudson Square neighborhood at 122 Varick St. The 149-unit residential tower is being developed under a long-term ground lease with Trinity Church. The development will comprise approximately 192,000 square feet, including about 5,000 square feet of ground-floor retail. The project is being built under the 485-x program, which provides tax breaks to developers of buildings with six or more units that include affordable housing. Specific rent restrictions were not disclosed, but under the program, 25 percent of units are typically offered at 80 percent of area median income. Kevin Donner from Cushman & Wakefield represented Trinity on the ground lease. A construction timeline was not disclosed.
Global Holdings Management Group and MAG Partners have partnered to develop a ground-up community with 149 rental units and retail on a site in Manhattan’s Hudson Square neighborhood. The land is ground-leased from Trinity Church.
Global Holdings, MAG Partners Form JV for Manhattan Development
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