Global Holdings and MAG Partners announced a joint venture Thursday to develop a ground-up project in Manhattan’s Hudson Square neighborhood. Located at 122 Varick St., the 149-unit residential tower is being developed under a long-term ground lease with Trinity Church.
“Trinity Church has been an exceptional partner, and we are deeply appreciative of the trust they have placed in us,” said MaryAnne Gilmartin, founder and CEO of MAG Partners. “Together, we are aligned in our commitment to delivering a best-in-class building that reflects the energy and evolution of Hudson Square. With innovative design leadership and our continued partnership with Global Holdings, we look forward to creating a project defined by quality, innovation and enduring value.”
Located near the new Disney New York headquarters, the development at 122 Varick St. will comprise approximately 192,000 square feet in total, including over 5,000 square feet of ground-floor retail. The residential component will be delivered under the 485-x program, with approximately 25% of the residential units designated as permanently affordable.
Kevin Donner from Cushman and Wakefield represented Trinity on the ground lease.
