Chess Builders signs $38M refi for new 58-unit building in Hell’s Kitchen

Chess Builders through the entity The Westline 555 LLC as borrower signed a refi loan with lender Valley National Bank through the entity Valley National Bank valued at $38 million for the property at 555 West 45th Street in Hell’s Kitchen, Manhattan.

On the lot, there is one active new building construction project, M01039403, for a 58-unit, 53,307 square-foot residential (R-2) building. The project was submitted by Chess Builders and filed by Cheskel Schwimmer with plans filed May 23, 2024 and permitted August 26, 2024.
The loan closed on December 17, 2025 and was recorded on December 19, 2025.
The signatory for Chess Builders was Cheskel Schwimmer .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Cheskel Schwimmer, head officer and Shaye Silberstein, agent. The business entities are The Westline 555 Llc and Eleven W46 Realty Llc.

The block

On this tax block, PincusCo has identified the owners of five of the 21 commercial properties representing 42,272 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 May 1, 2025.

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 Chess Builders owned at least five commercial properties with 251 residential units in New York City with 156,547 square feet and a city-determined market value of $25 million. (Market value is typically about 50% of actual value.) The portfolio has $368.4 million in debt, with top three lenders as MF1 Capital, Valley National Bank, and S3 Capital respectively. Within the portfolio, the bulk, or 40 percent of the 156,547 square feet of built space are industrial properties, with office properties next occupying 37 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

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