Skyline Developers signs $18M refi for private school building in FiDi

Skyline Developers through the entity Walwilhal Associates, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $18 million for the Léman Manhattan Preparatory School building (W8) at 41 Broad Street in Financial District, Manhattan.
The deal closed on April 29, 2025 and was recorded on May 5, 2025. The prior lender was Capital One which held debt that had an original loan amount of $20 million.The property has 91,553 square feet of built space and 19,553 square feet of additional air rights for a total buildable of 111,100 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $196 and the price per buildable square foot is $162 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 29, 2011, for $6.2 million. The signatory for Skyline Developers was Leonard Wilf . The signatory for JPMorgan Chase was Richard Napolitano .

The property

The specialty building in Financial District has 91,553 square feet of built space and 19,553 square feet of additional air rights for a total buildable of 111,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 106 feet and is 128 feet deep with a total lot size of 11,110 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $30.9 million. The most recent loan totaled $20 million and was provided by Capital One on April 30, 2020.

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 $2,500 in ECB penalties and $4,100 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 neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 13.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the four commercial properties representing 736,649 square feet of the 736,649 square feet. The largest owner is Metro Loft Management, followed by Gfp Real Estate and then Skyline Developers.
On the tax block, there was one new building construction project filed totaling 356,644 square feet. It is a 150-unit, 356,644 square-foot residential (R-2) building submitted by Madison Equities and filed by Andrew Manton with plans filed May 18, 2016 and permitted July 12, 2017.

The majority, or 88 percent of the 736,649 square feet of built space are office buildings, with specialty buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Skyline Developers owned at least 19 commercial properties with 711 residential units in New York City with 1,318,084 square feet and a city-determined market value of $346.3 million. (Market value is typically about 50% of actual value.) The portfolio has $135.2 million in debt, borrowed from Goldman Sachs. Within the portfolio, the bulk, or 48 percent of the 1,318,084 square feet of built space are elevator properties, with office properties next occupying 26 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 15 percent of the space.

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