MAG Partners has purchased for $64M a 99-year ground lease from Penn South for a site on Eighth Avenue where it plans to develop a mixed-income apartment building in a joint venture with equity player Safanad.
The partners are planning to build 188 units of affordable housing at the site at 335 Eighth Avenue. The new building will feature ground-floor commercial space, including a grocery.
Penn South, a 10-building mixed-income co-op complex—official known as Mutual Redevelopment Houses—between West 23rd and West 29th Streets in Manhattan, decided last year not to endeavor to obtain loans for what it called major capital repairs to the aging building at 335 Eighth Ave.
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