Macklowe, SK Development pay $49M to Churchill for two properties in Lenox Hill

Macklowe Properties and SK Development through the entity 809 Madison Avenue Condo LLC paid $49 million to Churchill Real Estate Holdings through the entity 809 Madison Owner LLC for the property at 809 Madison Avenue and the adjacent property at 30 East 68th Street in Lenox Hill, Manhattan. The expected use is conversion to residential condominiums.
The deal closed on September 18, 2025 and was recorded on September 26, 2025.
The signatory for Churchill Real Estate Holdings was Sorabh Maheshwari . The signatory for Macklowe Properties and SK Development was Scott Shnay . The contract date was March 20, 2025. The Real Deal first reported the news this month.

To finance the purchase and conversion, the developers obtained a $55 million land and construction loan from Related Companies through the entity Df4 809 Madison, LLC.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Macklowe Properties had purchased any other properties and sold two properties in two transactions for a total of $22.7 million over the past 24 months.
The seller Churchill Real Estate Holdings had not purchased any other properties and sold five properties in five transactions for a total of $54.5 million over the same time period.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.2 million money judgment concerning a contract filed on April 4, 2025, by Churchill Real Estate Holdings against Carlton Associates. In addition, according to city public data, the properties have not received any significant violations in the last year.

The block

On the tax block of 809 Madison Avenue, PincusCo has identified the owners of 11 of the 30 commercial properties representing 183,552 square feet of the 371,929 square feet. The largest owner is Jackson Group, followed by Black Spruce Management and then Tatiana Botton.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 371,929 square feet of built space are elevator buildings, with office buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Churchill Real Estate Holdings owned at least seven commercial properties with 107 residential units in New York City with 144,890 square feet and a city-determined market value of $51 million. (Market value is typically about 50% of actual value.) The portfolio has $104.9 million in debt, with top three lenders as Square Mile Capital Management, Silver Point Capital, and Calmwater Capital respectively. Within the portfolio, the bulk, or 45 percent of the 144,890 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that SK Development owned at least four commercial properties with 318 residential units in New York City with 110,561 square feet and a city-determined market value of $21.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 110,561 square feet of built space are walkup properties, with mixed-use properties next occupying 13 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Manhattan next at 5 percent of the space.
The PincusCo database currently indicates that Macklowe Properties owned at least one commercial property with 15 residential units in New York City with 14,708 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio has $914.4 million in debt, borrowed from Deutsche Bank and Fortress Investment Group. The portfolio consists of at least a single elevator property. It is located in Manhattan.

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