300-E.-50th-St.-Manhattan

Bank OZK Provides $95M Construction Loan for Manhattan Multifamily Project

by Taylor Williams

NEW YORK CITY — Bank OZK has provided a $95 million construction loan for a 194-unit multifamily project that is under construction at 300 E. 50th St. in Manhattan’s Turtle Bay neighborhood. Designed by BKSK Architects, the 23-story building will feature studio, one-, two- and three-bedroom units and amenities such as a fitness center, coworking lounge, rooftop garden, grilling terrace and a catering kitchen. The project also includes 4,888 square feet of commercial space, and 30 percent of the units will be reserved as affordable housing.  The borrower and developer is a joint venture between locally based developer MAG Partners, global investment firm Safanad and Global Holdings Management Corp. Completion is scheduled for late 2025.

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