Property & market · Market
East Village Project Lands $203.5M Construction Loan, With Air-Rights Decision Pending
SK Development and Kinsmen Property Group secured a $203.5M construction loan for a planned 184-unit project at 50 Third Ave. A proposed air-rights transfer from St. Mark’s Church in-the-Bowery remains subject to Landmarks Preservation Commission approval.
East Village construction financing
On Oct. 13, 2026, Bisnow New York reported that SK Development and Kinsmen Property Group had obtained a floating-rate, interest-only $203.5M construction loan from Ironsand. The financing is for 50 Third Ave., a planned 184-unit multifamily development in the East Village.
The joint venture plans to build on two separate tax lots and combine the properties into one structure with a shared lobby, according to Commercial Observer. The proposed development would have 17 stories, 13K SF of retail space, and amenities including a fitness center, yoga studio, sauna, cold plunge, golf simulator and coworking space.
A project release said around 37 apartments would be reserved for households earning 80% or less of area median income. Ironsand Managing Principal Brian Renzi said in a statement that the lender viewed the development as backed by an experienced ownership team in a market with significant barriers to new construction.
Air-rights application remains consequential
The developers filed an application last week to transfer air rights from St. Mark’s Church in-the-Bowery, Commercial Observer reported. If approved, the transfer would provide an additional 27K SF of air rights; Commercial Observer also reported that the developers need the transfer to use the 485-x tax incentive.
PincusCo reported that proceeds from the transfer would provide cash for preservation, maintenance and restoration at the church. If the Landmarks Preservation Commission does not approve the transfer, the venture plans to build a single market-rate building with 14 apartments instead.
Other Manhattan deals in the roundup
The deal sheet also tracked refinancing, leasing and sales activity across Manhattan. Skyline Developers borrowed $70.4M from PGIM Real Estate to refinance 1040 Sixth Ave., while Hartz Mountain Industries received a $254M refinancing loan from M&T Bank for 667 Madison Ave., according to PincusCo.
In leasing, Seward & Kissel renewed its 170K SF lease at One Battery Park Plaza for 11 years, according to a release. CBRE reported that Brex leased 94K SF at 200 Varick St.; Colliers reported Morgan & Morgan signed a 72K SF direct lease at 199 Water St.; and Synthesia leased 50K SF at 675 Sixth Ave., according to a release.
An undisclosed buyer acquired 70 Broad St. for $9.35M and plans to reposition the largely vacant building, Commercial Observer reported. Toll Brothers City Living also spent $45M on two Chelsea properties for an assemblage where it plans a 114-unit condominium building, according to The Real Deal.
Homix perspective
The 50 Third Ave. financing supports the planned development, but the project’s air-rights application remains pivotal: approval would allow the additional air rights described in the filing, while a denial would lead to a substantially smaller market-rate plan.
Source & further reading
Bisnow New York ↗Source published: October 13, 2026
This briefing is based on the cited original reporting and is general market education, not legal, tax, lending, or investment advice. Facts and rules can change; verify them with the appropriate licensed professional before a transaction.
