SK Development

(SK Development Group, CBSK Ironstate, CBSK Developers)

270 Lafayette Street, Ste. 500 New York, NY 10012

skdevelopment.com

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SK Development portfolio

$326 million* – condo 53%, Q1 36%; Manhattan 48%, Queens 37%

194th largest portfolio by dollar value

785,109 sqft – condo 73%, walkup 13%;

419th largest by SF

26 properties – Manhattan 46%, Brooklyn 26%

377th largest

623 residential units – Manhattan 79%, Brooklyn 19%

353th largest by residential units

Notes

SK Development often partners with CB Developers as CBSK Developers, or with CB Developers and Ironstate Development as CBSK Ironstate.

Company Activity past 24 months:

Buyer company: 2 for $46.8 million

Borrower company: 4 for $225.8 million

Top Ten Associated Companies:

JPMorgan Chase (3), Deutsche Bank (2), Bank of America (1), G4 Capital Partners (1), Sarston Company (1), Procida Funding (1), Tresser Properties (1), Giorgio Angelini (1), Metropolitan Commercial Bank (1), Aareal Capital (1)

Top Ten Associated People:

Jennifer R. Lewin (2), Jose Garcia (1), Jason Behfarin (1), Brian Foley (1), Eric Schwartz (1), Giorgio Angelini (1), Jonathan M. Kaplan (1), John Iacono (1), Christopher Harris (1), Jon Tilli (1)

Recent activity as company:

• CB Developers and SK Development borrowed $76 million from JPMorgan Chase and Citibank for 247 Metropolitan Avenue, 247 Metropolitan Avenue, 247 Metropolitan Avenue, and 247 Metropolitan Avenue, Williamsburg, Brooklyn on January 16, 2025.

• SK Development for Scott Shnay filed plans for new building for 27,917 sqft in Greenpoint, Brooklyn, on December 17, 2024.

• BEB Capital, SK Development, Totem and Ofer Cohen borrowed $96 million from Canyon Partners and JPMorgan Chase for 737 4th Avenue, Greenwood Heights, Brooklyn on March 29, 2024.

• SK Development for Scott Shnay filed plans for new building for 173,523 sqft in Turtle Bay, Manhattan, on October 30, 2023.

• CBSK Developers borrowed $21.3 million from Metropolitan Commercial Bank for 930 1st Avenue, 936 1st Avenue, and 409 East 51st Street, Turtle Bay, Manhattan on June 30, 2023.

• Tresser Properties sold 936 1st Avenue, Turtle Bay, Manhattan for $12.3 million to CBSK Developers on June 30, 2023.

• Giorgio Angelini sold 930 1st Avenue, Turtle Bay, Manhattan for $34.5 million to CBSK Developers on June 30, 2023.

• CBSK Developers and Foss and Company borrowed $32.5 million from Procida Funding for 402 Garage Beach 169th Street, Breezy Point, Queens on March 23, 2023.

• SK Development, CB Developers and Madison Realty Capital borrowed $38 million from G4 Capital Partners for 182/186 Spring Street, SoHo, Manhattan on September 28, 2022.

• CBSK Ironstate, Ironstate Development, SK Development and CB Developers borrowed $166.2 million from Deutsche Bank for 547 West 47th Street, Hell’s Kitchen, Manhattan on August 29, 2022.