Shel Capital signs $58.1M refi loan with JLL for four walkups in East Village

Shel Capital through the entity 200 2 Ave LLC as borrower signed a refi loan with lender JLL through the entity JLL Real Estate Capital LLC valued at $58.1 million for four residential walkup properties with 125 residential units including the 33-unit residential walkup building (C7) at 198 2nd Avenue, the 36-unit residential walkup building (C7) at 208 East 6th Street, and the 34-unit residential walkup building (C1) at 306 East 5th Street in East Village, Manhattan.
The deal closed on October 22, 2025 and was recorded on October 27, 2025. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $33 million.The four properties have 79,821 square feet of built space and 41 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $727 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 Shel Capital was Rony Kravel . The signatory for JLL was Steven D. Henderson .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 198 2nd Avenue.

The property

The residential walkup building with 33 residential units in East Village has 79,821 square feet of built space and 41 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 120 feet deep with a total lot size of 6,180 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $8.2 million. The property has 5 rent regulated units according to city tax records from 2023.

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 eight housing violations and $7,850 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 198 Second Avenue, PincusCo has identified the owners of 21 of the 26 commercial properties representing 228,444 square feet of the 287,654 square feet. The largest owner is Kambiz Hakim, followed by A&E Real Estate Holdings and then Icon Realty Management.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 287,654 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Shel Capital owned at least 28 commercial properties with 409 residential units in New York City with 547,877 square feet and a city-determined market value of $138.2 million. (Market value is typically about 50% of actual value.) The portfolio has $73.6 million in debt, borrowed from JLL and Citibank. Within the portfolio, the bulk, or 39 percent of the 547,877 square feet of built space are walkup properties, with office properties next occupying 19 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

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