Global Holdings, MAG Partners to Develop 149-Unit Resi Tower in Hudson Square
Development will comprise 192K square feet in a ground lease deal with Trinity Church
By Larry Getlen April 30, 2026 3:54 pm
reprints
Global Holdings and MAG Partners have formed a joint venture to develop a new, ground-up residential tower at 122 Varick Street in Hudson Square under a long-term ground lease with Trinity Church, Commercial Observer has learned.
Kevin Donner from Cushman & Wakefield represented Trinity Church on the ground lease portion of the deal.
The new, 192,000-square-foot tower, being developed under New York State’s 485x program, will include 149 rental units with roughly 25 percent designated as permanently affordable units. Plans also call for 5,000 square feet of ground-floor retail.
“We’ve developed a strong point of view on what drives success in New York’s residential market, and 122 Varick offers an exciting opportunity to put that expertise into action once again alongside trusted partners,” said Josh Feder, chief investment officer of Global Holdings. “Our proven track record of creating thoughtfully designed, amenity-rich and community-focused residential environments positions us to deliver a truly standout project in this dynamic and highly sought-after neighborhood.”
MaryAnne Gilmartin, founder and CEO of MAG Partners, emphasized the importance of Trinity’s participation in the deal. The church has owned the land around Hudson Square since 1705, when it was given a 215-acre land grant from England’s Queen Anne.
“Trinity Church has been an exceptional partner, and we deeply appreciate the trust they have placed in us,” said Gilmartin. “When your ground lessor has stewarded this land for three centuries, you don’t build for the cycle — you build for the ages. This is a design-forward building with 25 percent affordable housing, and with Global Holdings as our partner, we’re demonstrating that quality and civic stewardship can go hand in hand.”
This is the second partnership for the two companies. Global Holdings, led by chairman and founder Eyal Ofer, and MAG Partners, led by Gilmartin, worked together to develop Anagram Turtle Bay, a 194-unit mixed-income residential building that is currently 87 percent leased. The project’s more than 5,000-square-foot ground-floor retail space and below-grade space will be occupied by Serafina Mare, the first spinoff of Italian restaurant Serafina. Serafina Mare, a seafood restaurant, is scheduled to open in the fall of 2026.
Some of MAG’s other major projects of late include Ruby, a 480-unit mixed-income multifamily project at 243 West 28th Street, and Mabel, a similar 190-unit project at 335 Eighth Avenue, both in Chelsea.
Other Global Holdings projects in New York include the 231-unit luxury residential development at 15 Central Park West, and the ultra-luxury residential tower Anagram Columbus Circle at 1 West 60th Street.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
