Construction Progresses in MAG Partners' 188-Unit Rental Project in Chelsea

Construction progress is underway at 335 Eighth Avenue, a seven-story residential building in Chelsea, Manhattan. Designed by COOKFOX Architects and developed by MAG Partners and Mutual Redevelopment Houses, Inc., the project is financed by Safanad. The building will offer 188 rental units ranging from studios to two-bedrooms, with 30% reserved for affordable housing. Additionally, there will be a 23,000-square-foot Lidl supermarket and ground-floor retail space. Located within the Penn South affordable housing cooperative, the property promises a blend of residential and commercial amenities.

Building Progress and Structure Details

The reinforced concrete superstructure is emerging above street level, with recent photos depicting a four-story structure supported by scaffolding and formwork. Steel rebar outlines perimeter columns, signaling further vertical growth. Renderings showcase a brick façade with uniform red brick and a mix of recessed rectangular windows and floor-to-ceiling glass for the retail area. The residential entrance is adorned with a canopy and greenery, while the rooftop terrace features dark metal railings.

Lidl Supermarket and Community Impact

The upcoming Lidl supermarket, the company's second in Manhattan, will offer various departments, including bakery, fresh produce, and meat and seafood. Lidl aims to collaborate with Hire NYC to provide local employment opportunities and comprehensive benefits to employees.

Unit Composition and Amenities

Ninety percent of the residential units will be studios and one-bedrooms, with the remaining 10% being two-bedroom apartments. Amenities include a fitness center, library, media lounge, coworking space, dining area with catering kitchen, and rooftop gardens with dining areas and grilling terrace.

Financial Arrangements and Location

JLL Capital Markets facilitated a $151.4 million capitalization with financing from Bank OZK and MetLife Investment Management. Situated near the 23rd Street station, the property offers convenient access to local transportation.

Anticipated Completion

335 Eighth Avenue is expected to be completed by the third quarter of 2025, promising a modern addition to the Chelsea neighborhood.