Sky Management signs $9.2M refi for 23-unit walkup in Greenwich Village

Sky Management through the entity Valor Realty LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $9.2 million for the 23-unit residential walkup building (C7) at 141 West 10th Street in Greenwich Village, Manhattan.
The deal closed on April 23, 2025 and was recorded on May 14, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $10.3 million.The property has 16,548 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $558 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 owner bought the property on April 27, 2009, for $4.4 million. The signatory for Sky Management was Jonathan Ohebshalom . The signatory for M&T Bank was Hunter Noah .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jonathan Ohebshalom, head officer and Joel Culotta, agent. The business entities are Sky Management Corp and Valor Realty, Llc. The 16,548-square-foot property generated revenue of $1.5 million or $89 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 23 residential units in Greenwich Village has 16,548 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 95 feet deep with a total lot size of 4,180 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $8.5 million. The property has 4 rent regulated units according to city tax records from 2023.

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 $280 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 24, 2018. 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 this tax block, PincusCo has identified the owners of 14 of the 37 commercial properties representing 140,076 square feet of the 281,411 square feet. The largest owner is Spresa Pejcinovic, followed by S.W. Management and then Abner Ohebshalom.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 281,411 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Sky Management owned at least 27 commercial properties with 761 residential units in New York City with 480,259 square feet and a city-determined market value of $175.4 million. (Market value is typically about 50% of actual value.) The portfolio has $275.8 million in debt, with top three lenders as M&T Bank, MF1 Capital, and Citizens Bank respectively. Within the portfolio, the bulk, or 51 percent of the 480,259 square feet of built space are walkup properties, with elevator properties next occupying 47 percent of the space. They are all located in Manhattan.

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