Global Holdings and MAG Partners enter joint venture to develop ground-up residential tower

Manhattan, NY Global Holdings, the international real estate development and investment firm led by chairman and founder Eyal Ofer, and MAG Partners, the woman-owned real estate company founded by MaryAnne Gilmartin, have entered a joint venture to develop a premier ground-up project in the Hudson Square neighborhood. Located at 122 Varick St., the 149-unit residential tower will bring a sophisticated living experience to one of the city’s fastest-growing live-work districts and is developed under a long-term ground lease with Trinity Church.

“Trinity Church NYC is excited to partner with MAG Partners and Global Holdings, whose proven execution and development expertise make them exceptional partners. This collaboration reflects our shared long-term commitment to Hudson Square’s growth and to advancing the neighborhood as a vibrant, integrated live-work-play community,” said Cynthia Maasry, deputy chief investment officer of Trinity Church NYC.

The development at 122 Varick St. will comprise approximately 192,000 s/f in total, including over 5,000 s/f of ground-floor retail designed to activate the streetscape and contribute to the neighborhood’s pedestrian experience. The residential component will include 149 rental units delivered under the 485-x program, with approximately 25% of the residential units designated as permanently affordable. This commitment reflects the partnership’s shared focus on advancing inclusive housing opportunities while contributing to the long-term vitality and diversity of the Hudson Square neighborhood.

Kevin Donner from Cushman & Wakefield represented Trinity on the ground lease. 

Located catty-corner from the new Disney New York headquarters, the residential tower brings design-forward living to the district, where SoHo’s historic character converges with Hudson Square’s emergence as a global hub for media, technology, and innovation. The announcement comes on the heels of Global Holdings and MAG Partners’ partnership in the unveiling of Anagram Turtle Bay, a 194-unit mixed-income residential building that has demonstrated notable leasing performance at 87% leased. “Trinity Church has been an exceptional partner, and we are deeply appreciative of the trust they have placed in us,” said Gilmartin. “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.”

“We are excited to deliver unparalleled living to the intersection of Hudson Square and SoHo, one of Manhattan’s most sought-after neighborhoods”, said Josh Feder, chief investment officer, Global Holdings. “This project represents our continued focus on creating exceptional residential environments in highly coveted locations, and we expect to deliver a spectacular building befitting Hudson Square.”

Positioned in the heart of Hudson Square, this residential offering benefits from immediate proximity to major corporate anchors, dining, and convenient access to multiple subway lines. The project is expected to further contribute to the neighborhood’s ongoing evolution as a mixed-use destination.