New East Village Development Secures $203.5 Million
A 17-story mixed-use residential building at 50 Third Avenue in Manhattan’s East Village will yield 184 rental units and 12,529 square feet of ground-floor retail space, New York YIMBY reported. Joint venture partners SK Development and Kinsmen Property Group are developing the property, which is located between East 10th and 11th Streets.
Walker & Dunlop arranged a $203.5 million construction financing package recently obtained by the development team for the undertaking. Designed by Beyer Blinder Belle, the structure features a tiered massing with two adjoining Class A residential buildings, a gridded façade, large windows, and a series of setbacks and terraces above the ground-floor retail space.
Affordable Housing and Building Amenities
A portion of the residential inventory is reserved for affordable housing, with 37 residences designated for households earning up to 80 percent of the area median income. Residents will have access to a fitness center, a yoga studio, a sauna, a cold plunge, a golf simulator, coworking space, a resident lounge, and common terraces.
LOANIMAGE: Aaron KrawitzDATE: 10/13/2026ADDRESS: 2201 3rd AvenueMARKET: East HarlemASSET TYPE: Development Site ~ UNITS: 194LENDER: Aaron Krawitz – Bravo Property TrustLOAN AMOUNT: $80,000,000LOAN TYPE: ConstructionNOTE: Bravo Property Trust provided an $80 million… pic.twitter.com/8np3K5Nmij
Kinsmen Property Group—a partnership between Toronto corporations Madison Group and State Building Group—assembled the 16,500-square-foot parcel situated at 50-64 Third Avenue. Over the course of several years, the developers purchased the six older walk-up structures on the property for an expenditure exceeding $60 million through 62-64 Third Ave. L.P. The tear-down of those properties concluded in January 2025, leaving only the 48 Third Avenue holdout structure remaining at the corner of East 10th Street.
Zoning Plans and Construction Timeline
Initial paperwork submitted to the Department of Buildings during May under the alternative designation of 122 East 11th Street proposed a 13-story structure spanning 136,400 square feet with 69 apartments. The program has since expanded, with additional floor area facilitated by a transfer of development rights from St. Mark’s Church in-the-Bowery, the individual landmark located at 131 East 10th Street. The Landmarks Preservation Commission reviewed the church-side continuing maintenance plan in July, and 50 Third Avenue’s anticipated completion date is slated for January 2029.
Frequently Asked Questions About 50 Third Avenue
What businesses formerly occupied the demolition site?
The six former walk-up buildings that were demolished included the Ainsworth and New York Central Art Supply. Demolition work concluded in January 2025.
Which historic landmark contributed development rights to the project?
St. Mark’s Church in-the-Bowery, an individual landmark at 131 East 10th Street, transferred development rights that allowed the building’s program to expand beyond initial filings.
Which financial and design firms are backing the project?
SK Development and Kinsmen Property Group are developing the project, with construction financing arranged by Walker & Dunlop and architectural design by Beyer Blinder Belle.