Skyline Developers signs $135.2M loan with Goldman Sachs for 96-unit dev site in Midtown West
The Wilf family’s Skyline Developers through the entity 10 W 55 LLC as borrower signed a construction loan with lender Goldman Sachs Bank valued at $135.2 million for a 96-unit, 152,689-square-foot mixed-use project at 10 West 55th Street in Midtown West, Manhattan.
The deal closed on March 22, 2023 and was recorded on April 3, 2023.
Skyline Developers filed plans in 2020. They bought the parcel in 2017 for $83 million. Skyline Developers is the New York subsidiary of New Jersey-based Garden Homes Development.
The Wilf family’s Skyline Developers also paid $50 million in three separate transactions to one buyer, Maria Armendariz, for four walkup properties comprising a corner development site at the corner of Third Avenue and East 80th Street in Carnegie Hill.
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 $6,280 in ECB penalties in the last year.
Development
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 459,510 square feet. The largest is a new building project for a 96-unit, 432,306 square-foot R-2 building submitted by Skyline Developers and filed by Leonard Wilf with plans filed May 8, 2020 and permitted February 8, 2023.
The neighborhood
In Midtown West, The majority, or 75 percent of the 76 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 5th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 15.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.
The block
On the tax block of 12 West 55th Street, PincusCo has identified the owners of 17 of the 32 commercial properties representing 933,101 square feet of the 1,505,090 square feet. The largest owner is Andrew Davidoff, followed by George Malkemus and then Jin Sup An.
On the tax block, there were two new building construction projects totaling 459,510 square feet. The largest is a 96-unit, 432,306 square-foot residential (R-2) building submitted by Skyline Developers and filed by Leonard Wilf with plans filed May 8, 2020 and permitted February 8, 2023. The second largest is a four-unit, 27,204 square-foot residential (R-3) building submitted by Lawrence Boudreau with plans filed April 7, 2014 and it has not been permitted yet.
The majority, or 49 percent of the 1.5 million square feet of built space are hotel buildings, with office buildings next occupying 48 percent of the space.
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