Two80 Real Estate Ventures signs $4.6M loan for 24-unit walkup in Hell’s Kitchen

Two80 Real Estate Ventures through the entity 415 West 47 Realty LLC as borrower signed a initial loan with lender JPMorgan Chase valued at $4.6 million for the 24-unit residential walkup building (C7) at 415 West 47th Street in Hell’s Kitchen, Manhattan.
The deal closed on January 21, 2026 and was recorded on January 26, 2026. The property has 11,750 square feet of built space and 7,156 square feet of additional air rights for a total buildable of 18,896 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $391 and the price per buildable square foot is $243 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 November 14, 2025, for $7.8 million. The signatory for Two80 Real Estate Ventures was Jesse Deutch .

The property

The residential walkup building with 24 residential units in Hell’s Kitchen has 11,750 square feet of built space and 7,156 square feet of additional air rights for a total buildable of 18,896 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 125 feet deep with a total lot size of 3,139 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3 million.

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 not received any significant violations 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 block

On this tax block, PincusCo has identified the owners of 14 of the 28 commercial properties representing 212,824 square feet of the 327,658 square feet. The largest owner is Fairstead, followed by Project Renewal and then Karl Slovin.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 327,658 square feet of built space are walkup buildings, with specialty buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Two80 Real Estate Ventures owned at least 24 commercial properties with 688 residential units in New York City with 556,192 square feet and a city-determined market value of $57.2 million. (Market value is typically about 50% of actual value.) The portfolio has $25.8 million in debt, with top three lenders as Dime Community Bank, Urban Standard Capital, and International Finance Bank respectively. Within the portfolio, the bulk, or 86 percent of the 556,192 square feet of built space are walkup properties, with elevator properties next occupying 12 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that John Pantanelli owned at least six commercial properties with 203 residential units in New York City with 199,429 square feet and a city-determined market value of $20.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 199,429 square feet of built space are walkup properties, with industrial properties next occupying 18 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

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