MaryAnne Gilmartin

Looking back at 2025, what was the biggest highlight and biggest challenge for MAG Partners?

2025 has been a defining year for MAG Partners. The biggest highlight was without question the opening of two extraordinary residential buildings, Mabel in Chelsea and Anagram Turtle Bay in Midtown East. Both represent the best of what we stand for: design excellence, high performance and long-term value creation. To see both buildings achieve incredible lease-up momentum is deeply gratifying. Both buildings are renting way above asking rents and are over 60 percent leased.

At the same time, this year has tested every developer’s resolve. We’ve been operating in an environment marked by constant uncertainty, uncharted territory in the mayoral race, tariffs and turbulence in Washington, and persistent strain in the capital markets. Interest rates and lending restrictions continue to make even good projects harder to capitalize. 

But, if anything, these challenges have underscored the strength of our team and our model. We’ve stayed disciplined, creative and optimistic — qualities that have carried us through volatile markets before and will again.

What are the key transaction opportunities you’re seeing in New York City versus Baltimore, and where are you spending the majority of your time today?

We are spending most of our time capitalizing our pipeline of New York residential deals. While our work in Baltimore has been an exceptional example of our placemaking, leasing and operating know-how, at our core we are builders, and we see enormous potential in New York City development in 2026 and beyond.

What would you like to see out of the next New York mayoral administration? What’s key for commercial real estate? 

New York needs a pro-business mayor who understands that growth and affordability are not opposing forces, they are interdependent. The only way we will meaningfully address the city’s housing crisis is through true partnership with the private sector. Developers are ready to build; what we need is leadership and programs that make it possible. As Maryland Gov. Wes Moore says: We do not have to choose between a competitive economy and an equitable economy — we can and should have both.

What type of local, state or federal policy would you like to see implemented to benefit multifamily development in coming years?

We urgently need a modified 485x program in New York state, a successor to 421a that recognizes how essential private development at scale is to meeting New York’s housing needs. The current tools do not balance feasibility with public benefit.

What do you wish you’d known going into 2025 that you know now? 

As an industry and a city, we have been whipsawed daily by headline news ranging from tariffs, interest rates, urban crime, elections and geopolitical instability. Never in my career have we faced so many external macro challenges outside of our control that impact our business and create uncertainty in such an intense and short time. While we are more resilient than ever because of this, knowing it would become the new normal would have made it less stressful to manage.

Lighting Round:

Borrowing costs up or down by late 2026?
Down — we have seen it already. The interest we have seen on our financing and capital raise is well beyond what we have seen in the last five years. 

More excited about — interest rate cut or Taylor Swift’s engagement
? We’re ready for a rate cut — it’s been “a cruel summer” for capital markets and swifter rate reductions would be exciting.

When was your last vacation and where?
In September. A fabulous East meets West adventure in Istanbul, Bodrum and Ireland.

What’s your kryptonite?
Being away from my family for too long. 

How are the tariffs going to affect your Thanksgiving shopping?
We locally forage for this quintessential American holiday (we source our bird, carbs and veggies from the North Fork), so the only impact will be the wine list!

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
Talde in Park Slope.