Kings Capital signs $10.7M refi with Esquire Bank for two properties in Hell’s Kitchen

Kings Capital through the entity 356 West 48th Jv LLC as borrower signed a refi loan with lender Esquire Bank valued at $10.7 million for two properties with 25 residential units including the 15-unit residential elevator building (D1) at 406 West 51st Street and the 10-unit residential walkup building (C4) at 404 West 51st Street in Hell’s Kitchen, Manhattan.
The deal closed on February 3, 2026 and was recorded on February 6, 2026. The prior lender was Derby Copeland Capital which held debt that had an original loan amount of $7.9 million.The two properties have 15,520 square feet of built space and 14,708 square feet of additional air rights for a total buildable of 30,220 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $689 and the price per buildable square foot is $354 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 signatory for Kings Capital was George Giannopoulos . The signatory for Esquire Bank was Steven Dorritie .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 404 West 51st Street, PincusCo has identified the owners of 18 of the 36 commercial properties representing 140,139 square feet of the 310,447 square feet. The largest owner is Kings Capital, followed by Jay Wartski and then Croman Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 80 percent of the 310,447 square feet of built space are walkup buildings, with office buildings next occupying 9 percent of the space.

Correction: A prior version of this post did not include Kings Capital as an owner.

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