MaryAnne Gilmartin
Founder and CEO at MAG Partners
Where is MAG Partners going to be in 2026?
Renting and operating nearly 1,000 units of mixed-income residential and enjoying the short-term benefit of the current Albany gridlock.
Where is MAG Partners going to be in 2028?
Operating and building in multiple cities, and looking back and laughing at all those who said New York City was dead. And were wrong — again.
Where is MAG Partners going to be in in 2033?
I can’t predict where we will be in 10 years, but I can predict that our development philosophy and values will be the same.
Tell us about a successful financing you’ve done in the last 12 months. Or tell us about an unsuccessful one.
There is such little liquidity in the market that we feel particularly fortunate to have successfully refinanced Ruby [a multifamily project on West 28th Street] and closed our two multi deals. We have been very thoughtful about what we go to market with — we don’t tackle stuff that isn’t going to succeed.
When will we know the market has stabilized? (Be specific!)
We build and invest through cycles. So, I try to not get obsessed with any one data point.
How do you think the 2024 presidential campaign will impact the commercial real estate market?
I think the volatility of a Trump campaign is not helpful to any industry.
What business advice are you most tired of hearing?
“Industrial outdoor storage is hot.” Building parking lots doesn’t interest me.
What’s the biggest market opportunity as we round out 2023?
Call me crazy, but I don’t think office is dead. Someone is going to build a quality building at the bottom of the cycle, and they will be rewarded.
Have you had a lot of staff turnover?
We are super fortunate to have a team that has been together for a long time.
Who do you like for POTUS in 2024? Biden.
Do you feel personally safe moving through NYC? Yes, I take the subway all the time.
Jerome Powell: Are you a fan or critic? Pretty hard to be a fan in real estate when SOFR is above 5 percent.
Can’t-live-without technology now? iPad and earbuds.
Taylor Swift or Beyoncé? Beyoncé, baby.
Artificial intelligence — good or bad? Good.
Mischa’s or Nathan’s for a hot dog? Brooklyn’s own Nathan’s.
Netflix or Hulu? Hulu.
What character are you in “Succession”? Family dynasties aren’t my thing!
