SK Development, CB Developers sign $37.2M refi with Allegiant for dev site in Breezy Point

SK Development and CB Developers through the entity Bathhouse Lodge LLC as borrower signed a refi loan with lender Allegiant Real Estate Capital through the entity Allegiant Capital Funding, LLC valued at $37.2 million for a development site that is currently a parking lot at 402 Garage Beach 169th Street in Breezy Point, Queens.
The deal closed on October 29, 2025 and was recorded on November 18, 2025. The prior lender was Procida Funding which held debt that had an original loan amount of $32.5 million.The property has 50,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $743 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 SK Development and CB Developers was Scott G. Shnay . SK Development and CB Developers use the name CBSK Developers when they work together. The signatory for Allegiant Real Estate Capital was Randy Reiff .

The property

The specialty building in Breezy Point has 50,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 1,908 feet and is 1,000 feet deep with a total lot size of 6,500,000 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $125.1 million.

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 one DOB violation 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 Breezy Point, The majority, or 100 percent of the 306,228 square feet of commercial built space are specialty buildings, with development buildings next occupying 0 percent of the space. In sales, Breezy Point has not had any sales in the last two years. For development, Breezy Point has had very little major development activity relative to other neighborhoods.It had 19,011 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 7,040 square feet of built space are specialty buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Cb Developers owned at least six commercial properties with 135 residential units in New York City with 140,205 square feet and a city-determined market value of $52.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 44 percent of the 140,205 square feet of built space are elevator properties, with hotel properties next occupying 43 percent of the space. They are all located in Manhattan.
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.

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