After less than two years, MaryAnne Gilmartin is splitting off from her development partners David Levinson and Robert Lapidus to go it alone.
Gilmartin, the former CEO of Forest City Ratner who teamed up with L&L Holding Co.’s Levinson and Lapidus to form L&L MAG in January 2018, has exercised an option to exit the partnership, Crain’s reported. Her new firm, to be called MAG Partners, will continue to focus on ground-up projects.
“Two years ago, we put together a vision for a new development firm and that partnership has been super successful,” Gilmartin told the publication. “But we had always planned to get to a point where I could spin off and achieve my goal of leading a new company. I’m in a position now to go forward and have the capital partners I need.”
L&L MAG had so far struck just one major development deal, for a 460-unit residential building in Chelsea. According to Crain’s, Gilmartin and the L&L executives will see that project through together. And Gilmartin’s new firm will take over full control of 44-02 Vernon Boulevard, a Long Island City development site that allows for a million-square-foot residential project. Gilmartin did not disclose whether she will have to pay a breakup fee to leave L&L MAG. [Crain’s] – TRD Staff