Kinsmen Property Group signs $32.9M refi with TD Bank for dev site in East Village

Kinsmen Property Group through the entity 62-64 Third Ave L.P. as borrower signed a refi loan with lender TD Bank through the entity Td Bank, N.A. valued at $32.9 million for a development composed of six properties with 30 residential units including the 12-unit residential walkup building (C7) at 50 3rd Avenue in East Village, Manhattan, 10-unit residential walkup building (C7) at 64 3rd Avenue in East Village, Manhattan, and three-unit mixed-use building (S3) at 58 3rd Avenue in East Village, Manhattan.
The deal closed on February 26, 2026 and was recorded on February 27, 2026. The prior lender was TD Bank which held debt that had an original loan amount of $25.4 million.The six properties have 42,862 square feet of built space and 56,850 square feet of additional air rights for a total buildable of 99,715 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $767 and the price per buildable square foot is $329 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 Kinsmen Property Group was Ari Zagdanski . The signatory for TD Bank was Brian Terry .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Ari Zagdanski, head officer and Peter Lehr, officer. The business entities are Kaled Management Corp. and 64 Third Avenue Associates Llc.

The property

The residential walkup building with 10 residential units in East Village has 42,862 square feet of built space and 56,850 square feet of additional air rights for a total buildable of 99,715 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 100 feet deep with a total lot size of 3,935 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.3 million. TD Bank on February 26, 2026 bought a loan with an original principal of $25.4M from TD Bank signed by prior lender signatory, secured by 64 3rd Avenue, 50 3rd Avenue, 58 3rd Avenue, 60 3rd Avenue, 54 3rd Avenue, and 62 3rd Avenue, when owned by Kinsmen Property Group .

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 received two DOB violations and $300 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 the tax block of 64 3rd Avenue, PincusCo has identified the owners of 12 of the 14 commercial properties representing 577,211 square feet of the 666,815 square feet. The largest owner is Lightstone Group, followed by Rabina Properties and then New York University.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 666,815 square feet of built space are hotel buildings, with elevator buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Kinsmen Property Group owned at least six commercial properties with 30 residential units in New York City with 42,862 square feet and a city-determined market value of $22.3 million. (Market value is typically about 50% of actual value.) The portfolio has $67.5 million in debt, borrowed from TD Bank. Within the portfolio, the bulk, or 53 percent of the 42,862 square feet of built space are mixed-use properties, with walkup properties next occupying 47 percent of the space. They are all located in Manhattan.

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