SK Development and Kinsmen have secured $203.5m construction financing for East Village project
Walker & Dunlop arranged the floating-rate financing for a proposed 17-story building with 184 residences and 12,529 square feet of retail.
At a glance
Walker & Dunlop Capital Markets Institutional Advisory arranged the floating-rate financing as exclusive adviser; the lender was not named.
The East Village submarket recorded roughly 2 percent vacancy and average asking rents of about $5,440 a month as of June 2026, according to IREI.
SK Development and Kinsmen Property Group have secured $203.5 million in construction financing for a 184-unit mixed-use project at 50 Third Ave. in Manhattan's East Village, IREI reported Oct. 13.
Walker & Dunlop Capital Markets Institutional Advisory arranged the floating-rate financing as exclusive adviser; the lender was not named. The proposed 17-story development includes two adjoining class A residential buildings. Thirty-seven of the 184 residences are designated affordable for households earning 80 percent or less of area median income, and the ground floor holds 12,529 square feet of retail.
The East Village submarket recorded roughly 2 percent vacancy and average asking rents of about $5,440 a month as of June 2026, according to IREI.
The financing works out to about $1.1 million per residence across the 184 units, with retail folded into that basis. Kinsmen's 322-home Bowery plan was filed in August.
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