Scott Shnay Of CBSK Development & Kinsmen Property Group Secures $203.5M Loan For 50 Third Avenue
50 3rd Avenue
$203,500,000
$16,242/SF
Building Size
12,529 SF
Asset Type
Mixed-use
Closing
Oct 13, 2026
About this deal
AI
50 3rd Avenue is a mixed-use property located in the East Village market of Manhattan, comprising 12,529 square feet. The asset is involved in a construction financing deal valued at $203,500,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $203,500,000
- Address: 50 3rd Avenue
- Market: East Village, Manhattan
- Lender: Ironsand
- Landlord: Scott Shnay - CBSK Development & Kinsmen Property Group
- Broker Representatives: Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer & Sean Bastian - Walker & Dunlop
- Loan Type: Construction
Walker & Dunlop arranged the $203.5 million construction financing from Ironsand specifically for a 184-unit mixed-use residential development, facilitated by SK Development and Kinsmen Property Group.
On the Map
$203,500,000
$16,242/SF
Mixed-use
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Players
Caledonia Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93