NEW YORK CITY — Walker & Dunlop has arranged a $203 million construction loan for 50 Third Avenue, a 184-unit multifamily project that will be located in Manhattan’s East Village. The 17-story building will include 37 affordable housing units that will be reserved for households earning 80 percent or less of the area median income, as well as 12,529 square feet of ground-floor retail space. Amenities will include a fitness center with a yoga studio, sauna and cold plunge, a golf simulator, coworking space, resident lounge and multiple terraces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Sean Bastian of Walker & Dunlop arranged the floating-rate, interest-only loan through Ironsand. The borrower is a joint venture between SK Development and Kinsmen Property Group.
According to Walker & Dunlop, Manhattan's East Village, where the new multifamily project at 50 Third Ave. will be located, is one of the borough's 'most supply-constrained submarkets.' The firm notes that 'the submarket had a vacancy rate of approximately 2 percent and average asking rents of approximately $5,440 per month as of June 2026.'
Walker & Dunlop Arranges $203M Construction Loan for Manhattan Multifamily Project
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