Cheskel Schwimmer ups debt to $95M at Hell’s Kitchen dev site

Cheskel Schwimmer through the entity Eleven W46 Realty LLC as borrower signed a additional construction loan with lender Valley National Bank valued at $95 million for a development site at Hell’s Kitchen, Manhattan. This is an additional $25 million in construction debt.

On these lots, there are new building construction projects. The largest, M01020109, is a new building project for a 121-unit, 127,613 square-foot residential (R-2) building at 622 11th Avenue submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed March 22, 2024 and permitted August 26, 2024. The second largest, M01116049, is a new building project for a 59-unit, 55,370 square-foot residential (R-2) building submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed September 30, 2024 and permitted November 29, 2024.
The loan closed on March 19, 2025 and was recorded on March 31, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $70 million.

The signatory for Cheskel Schwimmer was Cheskel Schwimmer. The signatory for Valley National Bank was Jeffrey Puchin . Cheskel Schwimmer leads Chess Builders.

The block

On the tax block of 622 11th Avenue, 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 three new building construction projects totaling 236,290 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 permitted August 26, 2024. The second largest is a 59-unit, 55,370 square-foot residential (R-2) building submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed September 30, 2024 and permitted November 29, 2024.

The majority, or 35 percent of the 238,400 square feet of built space are walkup buildings, with industrial buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Cheskel Schwimmer owned at least 19 commercial properties with 811 residential units in New York City with 709,303 square feet and a city-determined market value of $42.4 million. (Market value is typically about 50% of actual value.) The portfolio has $351 million in debt, with top three lenders as Prime Group Holdings, Valley National Bank, and IceCap Group respectively. Within the portfolio, the bulk, or 60 percent of the 709,303 square feet of built space are D6 properties, with elevator properties next occupying 27 percent of the space. The bulk, or 60 percent of the built space, is in Bronx, with Brooklyn next at 38 percent of the space.

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