SK Development

(SK Development Group, CBSK Ironstate, CBSK Developers)

270 Lafayette Street, Ste. 500 New York, NY 10012

skdevelopment.com

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SK Development NYC portfolio

$583.5 million* – condo 32.0%, mixed-use 30.0%; Brooklyn 47.0%, Manhattan 42.0%

291th largest portfolio by dollar value

785,109 sqft – condo 73%, walkup 13%;

409th largest by SF

26 properties – Manhattan 46%, Brooklyn 26%

362th largest

623 residential units – Manhattan 79%, Brooklyn 19%

347th largest by residential units

Notes

SK Development often partners with CB Developers as CBSK Developers, or with CB Developers and Ironstate Development as CBSK Ironstate.

Company Activity past 24 months:

Buyer company: 2 for $46.8 million

Borrower company: 5 for $313.8 million

Developer (new building or major alteration): 2 for 201,440 square feet

Top Ten Associated Companies:

JPMorgan Chase (3), Deutsche Bank (2), First Republic Bank (1), Sarston Company (1), Tresser Properties (1), Procida Funding (1), Giorgio Angelini (1), Metropolitan Commercial Bank (1), Bay Ridge Automotive Management (1), Canyon Partners (1)

Top Ten Associated People:

Jennifer R. Lewin (2), Eric Schwartz (1), Brian Foley (1), Giorgio Angelini (1), John Iacono (1), Jonathan M. Kaplan (1), Christopher Harris (1), Jon Tilli (1), Adi Chugh (1), Jason Behfarin (1)

Recent activity as company:

• CBSK Developers borrowed $88 million from TYKO Capital for 930 1st Avenue, 936 1st Avenue, and 409 East 51st Street, Turtle Bay, Manhattan on February 24, 2025.

• CB Developers and SK Development borrowed $76 million from JPMorgan Chase and Citibank for 247 Metropolitan Avenue, 247 Metropolitan Avenue, 247 Metropolitan Avenue, and 247 Metropolitan Avenue, Williamsburg, Brooklyn on January 16, 2025.

• BEB Capital, SK Development, Totem and Ofer Cohen borrowed $96 million from Canyon Partners and JPMorgan Chase for 737 4th Avenue, Greenwood Heights, Brooklyn on March 29, 2024.

• SK Development for Scott Shnay filed plans for new building for 173,523 sqft in Turtle Bay, Manhattan, on October 30, 2023.

• CBSK Developers borrowed $21.3 million from Metropolitan Commercial Bank for 930 1st Avenue, 936 1st Avenue, and 409 East 51st Street, Turtle Bay, Manhattan on June 30, 2023.

• Tresser Properties sold 936 1st Avenue, Turtle Bay, Manhattan for $12.3 million to CBSK Developers on June 30, 2023.

• Giorgio Angelini sold 930 1st Avenue, Turtle Bay, Manhattan for $34.5 million to CBSK Developers on June 30, 2023.

• CBSK Developers and Foss and Company borrowed $32.5 million from Procida Funding for 402 Garage Beach 169th Street, Breezy Point, Queens on March 23, 2023.

• SK Development, CB Developers and Madison Realty Capital borrowed $38 million from G4 Capital Partners for 182/186 Spring Street, SoHo, Manhattan on September 28, 2022.

• CBSK Ironstate, Ironstate Development, SK Development and CB Developers borrowed $166.2 million from Deutsche Bank for 547 West 47th Street, Hell’s Kitchen, Manhattan on August 29, 2022.