L&L MAG, the new real estate development firm launched earlier this year by MaryAnne Gilmartin with L&L Holding Company founders David Levinson and Robert Lapidus, has struck its first ground-up development deal. The firm will partner with Atalaya Capital Management and Qualitas to develop a 460-unit rental residential building at 241 W. 28th St. in Chelsea.
The site currently holds a block-through parking lot owned and operated by Edison Properties and long-designated for redevelopment. L&L MAG structured a 99-year ground-lease with Edison, and will build a public parking garage as part of the new development.
“We brought together the perfect team for this project – Atalaya and Qualitas – and have shown we can advance the most complex deals in a very short period of time,” said L&L MAG CEO Gilmartin. “We are going to pursue a diverse set of projects across sectors and expect this will be the first of many.”