Tyko Capital Supplies $158M on Manhattan Condo Tower
By Andrew Coen February 18, 2025 2:21 pm
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A joint venture between SK Development and CB Developers has secured $158 million of construction financing for a condominium project in Manhattan’s Turtle Bay neighborhood.
Adi Chugh’s Tyko Capital provided the loan on CBSK’s planned 83-unit condo development at 401 East 51st Street, according to Walker & Dunlop, which arranged the deal. The project is slated for completion in fall 2027.
W&D facilitated the transaction with a New York capital markets team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer and Sean Bastian.
CB Developers and SK Development teamed up for the 401 East 51st project filing plans in fall 2023 to demolish buildings at the site in September 2023, Crain’s New York Business reported at the time. SK Development purchased properties at 409 East 51st Street, 930 First Avenue and 936 First Avenue for around $46.8 million, according to Crain’s.
The 26-story 401 East 51st development will include studio size condos to two bedrooms units with offices. Community amenities in the 116,000 square foot tower will include a fitness center, resident lounge and private dining area.
Officials at SK Development, CB Developers Tyko Capital and W&D did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
