SK Development Eyes Multifamily Project in Turtle Bay

A father-son team is getting to work in Turtle Bay

SK Development filed plans to demolish three buildings on the corner of First Avenue and East 51st Street, Crain’s reported. The properties slated for demolition are 930 First Avenue, 936 First Avenue and 401 East 51st Street.

While the wrecking ball is being prepared, it’s not entirely clear what will spring up to replace the buildings. Scott Shnay, the younger member of the executive team, said the firm would build a multifamily property in its stead. The project is still in the predevelopment phase, however, and no estimated cost or construction timeline has been made available. CB Developers will work with SK on the project.

SK purchased the trio of properties in June for $46.8 million. The existing buildings combine to span 51,000 square feet with 47 residential units split among them.

A four-minute walk from the development site is another project from SK, a 140,000-square-foot mixed-use property at 301 East 50th Street. The 57-unit condo was developed by SK alongside frequent partners CB and Ironstate Development.

CBSK Ironstate, a partnership between all three companies, also developed the Upper East Side condo building at 1228 Madison Avenue. Less than a year after its completion, Compass replaced Corcoran Sunshine from marketing the five remaining unsold units in October, brining the trio of the St. André Team, the Philip Scheinfeld Team and the brokerage’s Development Marketing Group.

In May, a 95-unit building in Turtle Bay sold at a 90 percent discount after crowdfund investor Prodigy, which had a majority stake in the 20-story property, lost it through foreclosure. An anonymous limited liability company picked it up.

— Holden Walter-Warner