SK Development, CB Developers Land Financing in Turtle Bay

A Turtle Bay condominium project picked up sizable construction financing.

SK Development and CB Developers landed $158 million for its project at 401 East 51st Street, the Commercial Observer reported. The financing will go towards the development of an 83-unit property, which is expected to be delivered in the fall of 2027.

A Walker & Dunlop team including Aaron Appel and Keith Kurland helped to arrange the debt. No officials at any of the four companies immediately responded to requests for comment from the Observer.

The father and son behind SK purchased the properties at 930 First Avenue, 936 First Avenue and 401 East 51st Street for a combined $46.8 million in June 2023. Months later, the developer filed plans to knock those buildings down; at the time, principal Scott Shnay said the firm would develop a multifamily property.

But SK and CB have condo partnerships in their blood. Minutes from the development site is another SK project, a 140,000-square-foot mixed-use property at 301 East 50th Street. SK developed the 57-unit condo building alongside frequent partners CB and Ironstate Development.

The 26-story, 116,000-square-foot project on East 51st Street will include condos ranging from studios to two-bedroom layouts with offices. Amenities will include a fitness center, a resident lounge and a private dining area.

Last year, SK joined a venture developing a mixed-use project in Brooklyn’s Sunset Park, a 14-story development that will feature 187 residential units and 5,500 square feet of retail, including a Dunkin. SK boarded the project after approval of a contentious rezoning.

TYKO, backed by Elliott Investment Management, has been making loans left and right in recent months, providing a $245 million construction loan to Nasser Freres for a 28-story, 266-unit development in Jersey City and a $140 million construction loan to Charney Companies and Tavros Capital for a 348-unit project in Gowanus, Brooklyn.

— Holden Walter-Warner