Spectra Construction signs $28M construction loan for 43-unit project in NoMad

Spectra Construction and Development through the entity Ww Lexington, LLC as borrower signed a new construction loan with lender Castellan Capital through the entity 120 Lexington LLC valued at $28 million for three tax lots making up the 43-unit project at 129 East 28th Street in NoMad, Manhattan.

On these lots, there is a new building project, M01230688, for a 43-unit, 38,405 square-foot residential (R-2) building submitted by Spectra Construction and Development and filed by Daniel Klaynberg with plans filed July 21, 2025 and it has not been permitted yet.
The loan closed on April 30, 2026 and was recorded on June 2, 2026.  The loan price per planned development square foot is $729 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 Spectra Construction and Development was Daniel Klaynberg .

ZD1 DOB Zoning Diagram

129 East 28th Street

The property

The parcel has frontage of 19 feet and is 78 feet deep with a total lot size of 1,517 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million. Castellan Capital on April 30, 2026 bought a loan with an original principal of price not available from prior lender signed by prior lender signatory, secured by 122 Lexington Avenue, 124 Lexington Avenue, and 120 Lexington Avenue, when owned by Spectra Construction and Development .

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 $350 in OATH penalties in the last year.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.8 times the average sales volume among other neighborhoods with $645.8 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, NoMad has 1.8 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On the tax block of 122 Lexington Avenue, PincusCo has identified the owners of 19 of the 27 commercial properties representing 419,251 square feet of the 463,378 square feet. The largest owner is Elad Group, followed by Manhattan Skyline Management and then Spectra Construction And Development.
On the tax block, there were four new building construction projects totaling 141,376 square feet. The largest is a 43-unit, 38,405 square-foot residential (R-2) building submitted by Spectra Construction and Development and filed by Daniel Klaynberg with plans filed July 21, 2025 and it has not been permitted yet. The second largest is a six-unit, 37,911 square-foot hotel/dormitory/shelter (R-1) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed July 10, 2018 and it has not been permitted yet.

The majority, or 37 percent of the 463,378 square feet of built space are elevator buildings, with office buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Spectra Construction And Development owned at least three commercial properties in New York City with 13,322 square feet and a PincusCo-determined asset value of $34.2 million. Within the portfolio, all identified are mixed-use properties.

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