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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 cPyltPfAVRtjHv+hDCuAww==

<SEC-DOCUMENT>0001104659-05-053506.txt : 20051108
<SEC-HEADER>0001104659-05-053506.hdr.sgml : 20051108
<ACCEPTANCE-DATETIME>20051108160030
ACCESSION NUMBER:		0001104659-05-053506
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051031
FILED AS OF DATE:		20051108
DATE AS OF CHANGE:		20051108

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGNA LAB INC
		CENTRAL INDEX KEY:			0000895464
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				113074326
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0228

	BUSINESS ADDRESS:	
		STREET 1:		6800 JERICHO TURNPIKE, SUITE 120W
		CITY:			SYOSSET
		STATE:			NY
		ZIP:			11791
		BUSINESS PHONE:		(516) 393 5874

	MAIL ADDRESS:	
		STREET 1:		6800 JERICHO TURNPIKE, SUITE 120W
		CITY:			SYOSSET
		STATE:			NY
		ZIP:			11791

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Magna Acquisition LLC
		CENTRAL INDEX KEY:			0001340566
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21320
		FILM NUMBER:		051186370

	BUSINESS ADDRESS:	
		STREET 1:		8000 TOWERS CRESCENT DRIVE, SUITE 1070
		CITY:			VIENNA
		STATE:			VA
		ZIP:			22182
		BUSINESS PHONE:		(703) 448-7688

	MAIL ADDRESS:	
		STREET 1:		8000 TOWERS CRESCENT DRIVE, SUITE 1070
		CITY:			VIENNA
		STATE:			VA
		ZIP:			22182
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>a3.xml
<DESCRIPTION>3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-10-31</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000895464</issuerCik>
        <issuerName>MAGNA LAB INC</issuerName>
        <issuerTradingSymbol>MAGLA.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001340566</rptOwnerCik>
            <rptOwnerName>Magna Acquisition LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>8000 TOWERS CRESCENT DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1300</rptOwnerStreet2>
            <rptOwnerCity>VIENNA</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22182</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock, $0.001 par value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>60772729</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>Magna Acquisition LLC By:  its President /s/ Joel Kanter, President</signatureName>
        <signatureDate>2005-11-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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