Beltway Capital Management buys $7M note in foreclosure secured by 6-unit in Hell’s Kitchen

Beltway Capital Management through the entity McCormick 101, LLC bought a note with an original principal of $7 million from Blackstone Group secured by the six-unit mixed-use building (K9) at 334 West 46th Street and 336 West 46th Street in Hell’s Kitchen, Manhattan, managed by Shlomit Levy.
The deal closed on September 29, 2025 and was recorded on February 6, 2026. The prior lender was Blackstone Group which held debt that had an original loan amount of $7 million.The two properties have 9,299 square feet of built space and 26,994 square feet of additional air rights for a total buildable of 36,300 square feet according to a PincusCo analysis of city data.

The property

The residential walkup building with 6 residential units in Hell’s Kitchen has 9,299 square feet of built space and 26,994 square feet of additional air rights for a total buildable of 36,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,020 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.8 million.

Violations and lawsuits

The properties were involved in one lawsuit, 850419/2024, over the past two years. The suit was a $7 million commercial foreclosure concerning a loan filed on November 6, 2024, by Blackstone Group. In addition, according to city public data, the properties have received one DOB violation, $6,250 in ECB penalties, and four housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 336 West 46th Street, PincusCo has identified the owners of 19 of the 37 commercial properties representing 415,289 square feet of the 549,989 square feet. The largest owner is S.W. Management, followed by Gatsby Enterprises and then BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 549,989 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Shlomit Levy owned at least two commercial properties with 12 residential units in New York City with 9,299 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 9,299 square feet of built space are mixed-use properties, with walkup properties next occupying 44 percent of the space. They are all located in Manhattan.

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