CBSK Developers plans 86-unit building in Turtle Bay

401 East 51st Street (Credit - Google)

401 East 51st Street (Credit - Google)

Scott Shnay of SK Development as part of the venture CBSK Developers submitted a new building construction project for an 86-unit, 123,547 square-foot residential (R-2) building at 401 East 51st Street at the corner of First Avenue in Turtle Bay, Manhattan. The plan was filed with the New York City Department of Buildings on October 30, 2023 under job number M00951363. It calls for the construction of a 28-story building. The project is described in the filing as: new 28-story building. The architect is SLCE Architects. There is retail planned for the ground floor.

Asked whether it would be for sale condominiums or rentals, a representative for the developers said it was still to be decided. CBSK Developers is a partnership of SK Development and CB Developers.

CBSK Developers bought the development site in several transactions from Giorgio Angelini and Tresser Properties for a total of $46.8 million on June 14, 2023.

The property

The most recent loan totaled $21.3 million and was provided by Metropolitan Commercial Bank on June 14, 2023.

Prior sales and revenue

The 38,720-square-foot property generated revenue of $1.2 million or $31 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received two DOB violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Turtle Bay, The bulk, or 36 percent of the 9 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 32 percent of the space. In sales, Turtle Bay has near average sales volume among other neighborhoods with $181.9 million in sales volume in the last two years and is the 38th highest in Manhattan. For development, Turtle Bay has near average amount of major developments among other neighborhoods and is the 39th highest in Manhattan. It had 131,537 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 49,720 square feet of the 74,563 square feet. The two identified owners are CBSK Developers and City Of New York. On the tax block, there were two new building construction projects totaling 143,955 square feet. The largest is a 86-unit, 123,547 square-foot residential (R-2) building submitted by Scott Shnay with plans filed October 30, 2023 and it has not been permitted yet. The second largest is a 13-unit, 20,408 square-foot residential (R-2) building submitted by Cheskel Strulovitch with plans filed August 26, 2015 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 934 1 Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, five were sales above $5 million totaling $62.9 million. The most recent of the five was Kenbishi Sake Brewing Co. Ltd. which bought the 6,960-square-foot, eight-unit rental (C7) on 355 East 50th Street for $8.3 million from Michael Lohan and Andrew Vecchio on October 31, 2023. Of those eight items, three were loans above $5 million totaling $67.2 million. The most recent of the three was Beekman Real Estate Investment Management in which borrowed $18 million from Citibank secured by 22 condo units in the 9,885-square-foot, 66-unit mixed-use building (RM) on 351 East 51st Street on July 19, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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