Updated Oct 21, 2026
Kinsmen Property Group And SK Development Secure $163.5 Million Construction Loan From Arc70 Capital
50 3rd Avenue, 64 3rd Avenue & 58 3rd Avenue
$163,500,000
Units
30
Asset Type
Development Site
Closing
Oct 8, 2026
About this deal
AI
A construction loan of $163.5 million was secured for six properties located at 50 3rd Avenue, 64 3rd Avenue, and 58 3rd Avenue in the East Village market of Manhattan. The development site consists of a total of 30 residential units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $163,500,000
- Lender: Arc70 Capital
- Landlord: Ari Zagdanski - Kinsmen Property Group
- Landlord: Scott Shnay - SK Development
- Units: 30
The deal involved Ari Zagdanski of Kinsmen Property Group and Scott Shnay of SK Development, who represented their respective companies in securing the construction loan from Arc70 Capital for the development of the properties in the East Village.
On the Map
$163,500,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93