Kibel signs $18.5M refi with PNC Bank for 119-unit rental in Turtle Bay

Kibel Companies through the entity Kbl 51st Strret Limited Partnership as borrower signed a refi loan with lender PNC Bank valued at $18.5 million for the 119-unit residential elevator building (D6) at 956 Second Avenue in Turtle Bay, Manhattan.
The deal closed on June 1, 2026 and was recorded on June 5, 2026. The prior lender was Series 2016-K57 serviced by Trimont which held debt that had an original loan amount of $18 million. The property has 115,860 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $159 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 Kibel Companies, which is also known as Kibel Company, was Lee Ryback. The signatory for PNC Bank was Tara Suaye.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Levenson, head officer and Serso Cordero, site manager. The business entities are Kibel Companies Llc and Kbl 51st Street Limited Partnership. The 115,860-square-foot property generated revenue of $6.9 million or $60 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 119 residential units in Turtle Bay has 115,860 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 106 feet deep with a total lot size of 9,300 square feet. The lot is irregular. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $26.3 million. The property has 29 rent regulated units according to city tax records from 2024.

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

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 this tax block, PincusCo has identified the owners of 12 of the 21 commercial properties representing 308,872 square feet of the 421,507 square feet. The largest owner is Kibel Company, followed by A-Rod Corp. and then Madison Realty Capital.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 421,507 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

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