F&K Properties signs $5.6M refi with Hudson Valley for retail in Hell’s Kitchen

F&K Properties Management through the entity 589 Building Management LLC as borrower signed a refi loan with lender Hudson Valley Credit Union valued at $5.6 million for the retail building (K4) at 589 11th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on June 10, 2025 and was recorded on June 18, 2025. The prior lender was Gazivoda Realty which held debt that had an original loan amount of $5.6 million.The property has 14,993 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $375 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 2, 2023, for $7.3 million. The signatory for F&K Properties Management was Fation Syla . The signatory for Hudson Valley Credit Union was Kristine Coleman-Jelinek .

Prior sales and revenue

The 14,993-square-foot property generated revenue of $1.6 million or $107 per square foot, according to the most recent income and expense figures.

The property

The retail building in Hell’s Kitchen has 14,993 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,510 square feet. The zoning is M2-4 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $6.5 million. The most recent loan totaled $5.6 million and was provided by Gazivoda Capital on November 2, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 122885896, for a 12,470 square-foot B building. The project was submitted by Thomas Mcquaid with plans filed September 19, 2016 and permitted February 23, 2018.

The neighborhood

In Hell’s Kitchen, The bulk, or 39 percent of the 40.8 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 2.6 times the average sales volume among other neighborhoods with $703.6 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Hell’s Kitchen has 1.9 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 226,168 square feet of the 319,758 square feet. The two identified owners are Storagemart and Fation Syla.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 319,758 square feet of built space are industrial buildings, with office buildings next occupying 9 percent of the space.

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