Sky Management signs $22.5M refi for two properties with 124 units in Greenwich Village

Sky Management through the entity Robrose Place, L.L.C. as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $22.5 million for two properties with 124 residential units including the 88-unit residential walkup building (C5) at 224 Sullivan Street and the 36-unit residential elevator building (D1) at 220 Sullivan Street in Greenwich Village, Manhattan.
The deal closed on February 25, 2025 and was recorded on February 27, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $25.8 million.The two properties have 41,840 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $537 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 Sky Management was Jonathan Ohebshalom .

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 224 Sullivan Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jonathan Ohebshalom, head officer and Benjamin Ohebshalom, head officer. The business entities are Sky Management Corp and Robrose Place Llc. The two properties with a total of 41,840 square feet of built space generated revenue of $4.1 million per year or $98 per square foot.

The property

The residential walkup building with 88 residential units in Greenwich Village has 41,840 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the South Village Historic District. The city-designated market value for the property in 2022 is $12.3 million. The property has 11 rent regulated units according to city tax records from 2022.

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 $2,400 in ECB penalties, three housing violations, and $4,100 in OATH penalties in the last year.

Development

On these lots, there is one active major alteration construction project, 123238399, for a 20-unit, 26,628 square-foot R-2 building. The project was submitted by Jonathan Ohebshalom with plans filed June 5, 2018 and it has not been permitted yet.

The block

On the tax block of 224 Sullivan Street, PincusCo has identified the owners of 13 of the 27 commercial properties representing 275,749 square feet of the 487,554 square feet. The largest owner is New York University, followed by Tri-Star Equities and then Building Equity Management.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 487,554 square feet of built space are walkup buildings, with hotel buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that Sky Management owned at least 27 commercial properties with 699 residential units in New York City with 501,251 square feet and a city-determined market value of $168.1 million. (Market value is typically about 50% of actual value.) The portfolio has $266.6 million in debt, with top three lenders as M&T Bank, MF1 Capital, and Citizens Bank respectively. Within the portfolio, the bulk, or 52 percent of the 501,251 square feet of built space are elevator properties, with walkup properties next occupying 47 percent of the space. They are all located in Manhattan.

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