Spectra pays $12.2M to Skyland for NoMad dev site

Spectra Construction and Development through the entity WW Lexington, LLC paid $12.2 million to Skyland Management through the entity 120 Lexington Ave. Corp. for the six-unit development site (V1) at 120-124 Lexington Avenue in NoMad, Manhattan. The expected use is ground up development.
The deal closed on April 1, 2025 and was recorded on April 9, 2025. The three properties have air rights for a total buildable of 27,974 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $436 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 Skyland Management was Michael Katz. The signatory for Spectra Construction and Development was Daniel Klaynberg. The contract date was August 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Spectra Construction and Development had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Skyland Management had not purchased any other properties and had not sold any properties over the same time period.

The property

The most recent loan totaled $7.5 million and was provided by Hakimian Partners on September 20, 2024.

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 one DOB violation, $3,125 in ECB penalties, and $4,050 in OATH penalties in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 102,971 square feet. The largest, 123521901, is a new building project for a six-unit, 37,911 square-foot 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 second largest, 123533239, is a new building project for a 56-unit, 33,667 square-foot R-2 building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed August 8, 2018 and it has not been permitted yet.

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 near average sales volume among other neighborhoods with $300.1 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, NoMad has 2.1 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.

The block

On the tax block of 122 Lexington Avenue, PincusCo has identified the owners of 18 of the 27 commercial properties representing 415,269 square feet of the 463,378 square feet. The largest owner is Elad Group, followed by Zucker Organization and then Skyland Management.
On the tax block, there were three new building construction projects totaling 102,971 square feet. The 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 second largest is a 56-unit, 33,667 square-foot residential (R-2) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed August 8, 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 seller

The PincusCo database currently indicates that Skyland Management owned at least five commercial properties with 138 residential units in New York City with 136,383 square feet and a city-determined market value of $20.2 million. (Market value is typically about 50% of actual value.) The portfolio has $26.2 million in debt, borrowed from Ellington Management Group and Hakimian Partners. Within the portfolio, the bulk, or 87 percent of the 136,383 square feet of built space are elevator properties, with mixed-use properties next occupying 13 percent of the space. The bulk, or 87 percent of the built space, is in Queens, with Manhattan next at 13 percent of the space.

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