Global Holdings, MAG Partners Launch 149-Unit Residential Tower in Hudson Square

• Global Holdings and MAG Partners form joint venture
• 149-unit tower planned at 122 Varick Street
• 25% of units designated as permanently affordable

What’s planned in Hudson Square

Global Holdings and MAG Partners are moving forward with a new ground-up residential development in Manhattan’s Hudson Square, continuing the neighborhood’s transformation into a mixed-use residential and office hub. The project will rise at 122 Varick Street on land controlled through a long-term ground lease with Trinity Church, one of the city’s largest historic property owners.

Project details

The development will span approximately 192,000 square feet and include 149 residential units, along with more than 5,000 square feet of ground-floor retail. A key component of the project is its participation in New York’s 485-x program, with roughly 25 percent of units set aside as permanently affordable housing. This aligns the development with the city’s broader push to increase housing supply while maintaining affordability requirements.

Strategic location

Hudson Square has rapidly evolved in recent years, anchored by major office tenants and media companies, including nearby developments tied to Disney’s New York headquarters. This positioning makes the neighborhood increasingly attractive for residential development, particularly projects that combine proximity to employment centers with modern housing supply.

Development approach

MAG Partners, led by MaryAnne Gilmartin, continues to focus on mixed-income, design-forward projects across New York City. Partnering with Global Holdings allows the project to leverage institutional capital and execution experience. The ground lease structure also reflects a common strategy in Manhattan, where developers build on land owned by long-term institutional landlords.

What this means for investors

This project highlights the continued demand for residential development in emerging Manhattan submarkets. Hudson Square’s growth trajectory, combined with affordability incentives, creates a compelling development environment. For investors, it reinforces the importance of mixed-income housing strategies tied to prime urban locations.