Krown Point Capital, EJS Group pay $43M for dev site, air rights in Midtown East

Krown Point Capital and EJS Group paid a total of $43 million for for a two-building development site and an additional 49,000-square-feet of air rights, at the corner of East 56th Street and Second Avenue, in Midtown East, Manhattan, in two separate transactions.

Krown Point Capital and EJS Group through the entity 240 East 56th Street Owner LLC paid $32.5 million to Stella Sklias and Kristianne Bishop through the entity 1061 Second Ave. LLC for the development site retail building (K4) at 1061 2nd Avenue in Midtown East, Manhattan and 12-unit residential walkup building (C7) at 1059 2nd Avenue in Midtown East, Manhattan. The expected use is ground up development.
The deal closed on November 17, 2025 and was recorded on December 2, 2025. The two properties have 16,000 square feet of built space and 34,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,034 and the price per buildable square foot is $651 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 Stella Sklias and Kristianne Bishop was Stella Sklias and Kristianne Bishop. The signatory for Krown Point Capital and EJS Group was Reggie Kronstadt . The contract date was January 14, 2025. Krown also paid $10.53 million for 49,000 square feet of air rights from Verizon’s utility building, 237 East 55th Street, which has, before the air rights sale, 200,387 square feet of air rights to sell

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Krown Point Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stella Sklias had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 16,000 square feet of built space generated revenue of $1.2 million per year or $77 per square foot. The sale price per square foot was $2,034.

The property

The retail building in Midtown East has 16,000 square feet of built space and 34,000 square feet of additional air rights for a total buildable of 50,000 square feet 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 2,500 square feet. 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 $4.3 million.

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 $100 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 neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.9 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 17.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 1061 2nd Avenue, PincusCo has identified the owners of six of the 12 commercial properties representing 1,357,009 square feet of the 1,415,768 square feet. The largest owner is Sl Green Realty, followed by John Rapp and then Stella Sklias.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 1.4 million square feet of built space are office buildings, with walkup buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Stella Sklias owned at least two commercial properties with 12 residential units in New York City with 16,000 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $7.1 million in debt, borrowed from Dime Community Bank. Within the portfolio, the bulk, or 63 percent of the 16,000 square feet of built space are retail properties, with walkup properties next occupying 38 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Krown Point Capital owned at least four commercial properties with six residential units in New York City with 16,249 square feet and a city-determined market value of $15.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 16,249 square feet of built space are mixed-use properties, with A4 properties next occupying 40 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Ejs Group owned at least four commercial properties with 276 residential units in New York City with 0.0 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with V1 properties next occupying 0 percent of the space.

Direct link to Acris document. link