Permits & development · Owners & management · 10/13/2026
Kinsmen and SK Development Plan 184 Rentals at 50 Third Avenue
Kinsmen Property Group and SK Development plan two connected buildings of about 17 stories near Third Avenue and East 11th Street, with 184 rentals and ground-floor retail. They secured $203.5 million in financing. They also asked the Landmarks Preservation Commission to approve an air rights transfer from St. Mark's Church in-the-Bowery, which they need to use the 485-x tax incentive.
Reported by Commercial ObserverRead the original ↗
What happened
Kinsmen Property Group and SK Development plan to build 184 rental apartments with ground-floor retail at 50 Third Avenue in Manhattan's East Village, near the corner of Third Avenue and East 11th Street. Commercial Observer reported the plans on 10/13/2026, citing a land use application filed with the city's Department of City Planning the week before. About 20 percent of the apartments, or 37 units, would be permanently affordable.
The joint venture secured $203.5 million in construction financing on Monday, according to Commercial Observer. The floating-rate, interest-only loan comes from Ironsand and was arranged by a Walker & Dunlop team that included Aaron Appel and Keith Kurland. Appel said vacancy in the neighborhood remains low and that demand comes from young professionals and high-income renters.
The project would be two buildings on separate tax lots that stand as a single structure of about 17 stories with a shared lobby. The south building would have 99 apartments and 5,967 square feet of retail. The north building would have 85 apartments and 3,812 square feet of retail. Amenities would include a fitness center, yoga studio, sauna, cold plunge, golf simulator and coworking spaces.
The developers also applied last week to the Landmarks Preservation Commission for zoning modifications and a transfer of about 26,100 square feet of unused air rights from St. Mark's Church in-the-Bowery at 165 Second Avenue. The filing says this approval is needed to build the project as two buildings and to use the city's 485-x tax incentive. Proceeds would fund the church's restoration and upkeep. If the commission does not approve, the filing describes a fallback: a single market-rate building with 184 units.
Key facts
- Address
- 50 Third Avenue, near Third Avenue and East 11th Street, East Village, Manhattan
- Units
- 184 rental apartments (99 in the south building, 85 in the north building)
- Affordable units
- About 20 percent, or 37 units, permanently affordable under the two-building plan
- Developers
- Kinsmen Property Group and SK Development (joint venture)
- Financing
- $203.5 million floating-rate, interest-only construction loan from Ironsand, arranged by Walker & Dunlop
- Height
- Approximately 17 stories
- Agencies
- Land use application with the Department of City Planning; application with the Landmarks Preservation Commission
- Air rights
- About 26,100 square feet from St. Mark's Church in-the-Bowery, needed for the two-building plan and the 485-x tax incentive
What it means
Tenants and voucher holders
If approved as filed, the project would add 37 permanently affordable apartments in the East Village. No rents, income limits, lottery or opening date have been announced, so there is nothing to apply for yet.
Caseworkers
This is an early-stage project still awaiting a Landmarks Preservation Commission decision. The affordable units depend on the two-building plan. The filing's fallback is a single market-rate building.
Landlords
The project shows developers pairing church air rights with the 485-x incentive to make a mixed-income rental work. The lender's broker cites low East Village vacancy and steady renter demand.
The highlights
- About 20 percent, or 37 units, would be permanently affordable.
- The joint venture secured $203.5 million in construction financing.
- If LPC rejects the plan, the backup is one market-rate building of 184 units.
Why it matters
The 37 permanently affordable units in a low-vacancy area depend on the LPC approval. The fallback plan is all market-rate.
What to do: Watch for the Landmarks Preservation Commission decision on the air rights transfer.
Not known yet
- Rents, income limits (AMI levels) and bedroom mix for the 37 affordable units
- When construction would start and when a housing lottery might open
- When the Landmarks Preservation Commission will rule on the air rights and zoning modifications
- Whether any affordable units would remain under the single market-rate fallback plan
Background
In New York City, affordable units in new rental buildings that use tax incentives are usually set aside for households within specific income ranges, tied to a percentage of Area Median Income. These units are typically rent stabilized and are generally offered through the city's Housing Connect lottery once the building nears completion. Applicants must meet household size and income rules. Unused development rights, often called air rights, can sometimes be transferred from landmarked properties to nearby sites with city approval, and the proceeds often go toward preserving the landmark.
Summary written by Bulwark from Commercial Observer’s reporting. The original story is at commercialobserver.com. This is general information, not legal advice.
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