Cheskel Schwimmer of Chess Builders files plans for 56-unit building in Hell’s Kitchen, second on block
555 West 45th Street (Credit - Cyclomedia)
Cheskel Schwimmer of Chess Builders submitted a new building construction project for a 56-unit, 53,307-square-foot residential (R-2) building at 555 West 45th Street. The plan was filed on May 23, 2024. It calls for the construction of a 66-foot tall, seven-story building and was filed with the New York City Department of Buildings under job number M01039403. The architect is S. Wieder Architect P.C. The project is described in the filing as: proposed new seven-story and cellar building. This building is on a new tax lot 2, to be carved out of tax lot 63.
This is the fourth new building Schwimmer has filed since 2021, according to a PincusCo review of DOB records.
555 West 45th Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | RECREATION SPACES 4,012 SF. 45 BICYCLE PARKING SPACES 716 SF. UTILITY ROOMS. TRASH COMPACTOR ROOM. | Apartment | N/A | Residential | 2B | |
| 2 | 1 | RESIDENTIAL LOBBY. MAIL ROOM. | Apartment | N/A | Residential | 2B | |
| 3 | 1 | EIGHT (8) CLASS 'A' DWELLING UNITS. | Apartment | NA | Residential | 2A | 8 |
| 4 | 2 | EIGHT (8) CLASS 'A' DWELLING UNITS. | Apartment | NA | Residential | 2A | 8 |
| 5 | 3 | EIGHT (8) CLASS 'A' DWELLING UNITS. | Apartment | NA | Residential | 2A | 8 |
| 6 | 4 | EIGHT (8) CLASS 'A' DWELLING UNITS. | Apartment | NA | Residential | 2A | 8 |
| 7 | 5 | EIGHT (8) CLASS 'A' DWELLING UNITS. | Apartment | NA | Residential | 2A | 8 |
| 8 | 6 | EIGHT (8) CLASS 'A' DWELLING UNITS. | Apartment | NA | Residential | 2A | 8 |
| 9 | 7 | EIGHT (8) CLASS 'A' DWELLING UNITS. | Apartment | NA | Residential | 2A | 8 |
| 10 | Roof | STAIR AND ELEVATOR BULKHEAD, HVAC UNITS. | Apartment | N/A | Residential | 2B | |
| floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
Schwimmer purchased the property from Extell Development, Bluestone Group and Princeton Real Estate Partners for $33.2 million through the bankruptcy of a portfolio formerly owned by a long-time lumber supplier and strip club owner, Robert Gans.
Schwimmer filed plans on lot 63 in March, for a 132-unit building.
The neighborhood
In Hell’s Kitchen, The bulk, or 39 percent of the 40.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has near average sales volume among other neighborhoods with $701.9 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Hell’s Kitchen is the 10th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 21 commercial properties representing 39,772 square feet of the 238,400 square feet. The largest owner is Cheskel Schwimmer, followed by Danny Rebibo and then J&L Holding. On the tax block, there were two new building construction projects totaling 180,920 square feet. The largest is a 188-unit, 127,613 square-foot residential (R-2) building submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed March 22, 2024 and it has not been permitted yet. The second largest is a 56-unit, 53,307 square-foot residential (R-2) building submitted by Cheskel Schwimmer with plans filed May 23, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Cheskel Schwimmer owned at least 21 commercial properties with 726 residential units in New York City with 756,174 square feet and a city-determined market value of $48.1 million. (Market value is typically about 50% of actual value.) The portfolio has $486 million in debt, with top three lenders as Valley National Bank, Prime Group Holdings, and IceCap Group respectively. Within the portfolio, the bulk, or 56 percent of the 756,174 square feet of built space are D6 properties, with elevator properties next occupying 25 percent of the space. The bulk, or 56 percent of the built space, is in Bronx, with Brooklyn next at 42 percent of the space.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 624 11 Avenue in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.