What SK Development does

SK Development is a privately held, New York City-based real estate development firm that builds mixed-use residential, commercial, and hospitality properties across Manhattan, Brooklyn, Queens, Long Island City, the Hudson Valley, and—most recently—Newark, New Jersey. The firm was founded and is run by a father-and-son team—Abe Shnay, with 50+ years of real estate experience, and Scott Shnay, with 15+ years—and operates with a small core team (reportedly 1-10 employees) that co-develops most projects through long-standing partnerships, including the CBSK Ironstate joint venture with CB Developers and Ironstate Development. Its portfolio spans architecturally distinctive condominium projects such as the Urban Glass House (the last building designed by Philip Johnson), boutique SoHo developments like Spring + Thompson, an institutional-scale mixed-income project at 22 Fulton Street in Newark, and a Hudson Valley hospitality cluster that includes Hotel Kinsley, the Inness resort, and Ruschmeyer's, plus an operating partnership with BD Hotels on Pod Brooklyn and a 1,000+ unit Section 8 rental housing portfolio.

The firm monetizes through several complementary streams: condominium unit sellouts (marketed primarily through Corcoran Sunshine and Douglas Elliman), developer promotes and fees on co-developed projects, recurring rental income from its Section 8 multifamily portfolio, and operating income from owned and managed hospitality assets. Capital is sourced through a mix of institutional partners—including Goldman Sachs Urban Investment Group ($119M committed for Newark), Walker & Dunlop ($250M+ construction financing), and Madison Realty Capital—structured around individual project-level financings rather than a corporate balance-sheet facility.

The firm's competitive positioning rests on the Shnay family's deep NYC relationships, a pipeline of architecturally credentialed projects, and a partnership ecosystem that supplies deal flow, capital, distribution, and operating expertise on demand. Its active development pipeline exceeds $500M, against a reported $2B+ in cumulative developed value historically. There is no indication of proprietary technology or AI/ML capability; the operating model is relationship-and-execution driven rather than platform-driven.

Name

SK Development

Legal name

SK Development

Website

https://skdevelopment.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

SK Development is a privately held NYC-based real estate developer building mixed-use residential, commercial, and hospitality properties across Manhattan, Brooklyn, Queens, Long Island City, the Hudson Valley, and Newark, serving individual condo buyers, hotel guests, and rental housing tenants.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Lessors of Residential Buildings and Dwellings (531110), Lessors of Real Estate (5311)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Operative Builders (1531), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

Keywords

• Real estate development
• Mixed-use construction
• Luxury condominiums
• Hospitality development
• Affordable housing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Real Estate Development and Sales: SK Development generates revenue through developing mixed-use residential/commercial properties and selling condominium units. The company also develops hotel properties and holds rental properties under Section 8 programs.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

SK Development is a New York-based real estate development firm that acquires, entitles, constructs, and sells or leases mixed-use residential, commercial, and hospitality properties throughout the New York metropolitan area, Hudson Valley, and Newark, NJ. The company co-develops projects with partners such as CB Developers and Ironstate Development and sells condominium units through luxury brokerages including Corcoran Sunshine and Douglas Elliman. Its portfolio also includes a long-held inventory of Section 8 rental units and boutique hotel properties such as Hotel Kinsley, Pod Brooklyn, and Ruschmeyer's.

Product overview

SK Development is a New York-based real estate development company co-founded by Abe and Scott Shnay. The company operates as a portfolio developer with no unified software product — it develops, constructs, and manages real estate assets across the residential, mixed-use, commercial, and hospitality sectors. Its project portfolio spans more than 24 named developments across New York City, the Hudson Valley, and Newark, New Jersey, with a combined development pipeline exceeding $500 million. Projects range from large-scale mixed-income residential towers (e.g., 1228 Madison Avenue, The Parker West, 22 Fulton Street in Newark) to boutique hospitality properties (Inness resort, Hotel Kinsley, Ruschmeyer's) and mixed-use retail/residential buildings (The West, The Lindley, 363 Lafayette, Corte). The majority of projects are co-developed with partners including CB Developers, Ironstate Development, Madison Realty Capital, and Berger Organization. Projects operate across the full lifecycle from predevelopment through construction and sales/rental lease-up.

Differentiator

Problem solved

Functional benefit

Products and services

• 1228 Madison Avenue A mixed-use development project on Manhattan's Upper East Side, co-developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• The West (547 West 47th Street) A mixed-use project in Hell's Kitchen developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate), featuring ground-floor retail anchored by Cadillac's New York flagship showroom.
• Spring + Thompson A mixed-use SoHo development by SK Development, CB Developers, and Madison Realty Capital, with construction financing provided by Madison Realty Capital.
• The Parker West A mixed-use project on the Upper West Side co-developed by SK Development, CB Developers, and Brooklyn Standard Properties.
• 360 Bowery A commercial project in predevelopment on New York City's Bowery, developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• Inness A farmhouse-style resort with a bespoke 9-hole golf course in the town of Accord, New York's Hudson Valley, developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• Hotel Kinsley A 43-guestroom boutique hotel across four 19th-century buildings in Kingston, New York's historic Uptown district, designed by Studio Robert McKinley and developed by CBSK Ironstate.
• 363 Lafayette A 45,000-square-foot mixed-use commercial project in the Noho Historic District, designed by Morris Adjmi and fully leased; developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• 10 Bond Street A 35,000-square-foot mixed-use retail and residential project completed in 2016, designed by Selldorf Architects and developed by SK Development, Ironstate Development, and The Chetrit Group.
• Corte A mixed-use project in the Court Square neighborhood of Long Island City, developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• The Lindley (591 Third Avenue) A mixed-use development in Murray Hill with 75 condominium residences and ground-floor retail, designed by Rawlings Architects and developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• 40 Gansevoort A 60,000-square-foot commercial building designed by Morris Adjmi, the first new project in the Gansevoort Market Historic District, fully leased to Theory prior to its 2007 completion; developed by SK Development and CB Developers.
• Pod Brooklyn A mixed-use retail and hotel development in Williamsburg, Brooklyn with 249 compact hotel rooms, a ground-floor restaurant (Clinton Hall), and a rooftop bar (RFTP), managed by BD Hotels; developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• The Frontier (200-210 East 39th Street) A mixed-use retail and rental apartment development at 200-210 East 39th Street between 2nd and 3rd Avenues, designed by Rawlings Architects; developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• Chelsea 29 (221 West 29th Street) A mixed-use development at 221 West 29th Street between 7th and 8th Avenues, designed by Hill West; developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• 301 East 50th Street A 140,000-square-foot, LEED Gold-certified mixed-use project in Midtown East with 57 condominium residences plus ground-floor and cellar retail, designed by CookFox; developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• The Jefferson A 115,000-square-foot mixed-use retail/residential project with 83 condominium units that sold out within five months of sales launch; designed by BKSK Architects with public/amenity spaces by Kara Mann Design. Developed by SK Development, CB Developers, and Ironstate Development (CBSK Ironstate).
• Reade Chambers (71 Reade Street) A mixed-use project at 71 Reade Street with 18 condominium residences, two retail spaces, and ten private parking units; landmark-approved design by Hill and West Architects in collaboration with Selldorf Architects. Completed Summer 2016 and sold out.
• The Urban Glass House (330 Spring Street) An 85,000-square-foot mixed-use retail/residential condominium in SoHo that sold out in 2007. The last project designed by Pritzker Prize-winning architect Philip Johnson, with Annabelle Selldorf completing interior design after Johnson's passing.
• 345meatpacking (345 West 14th Street) A mixed-use co-development at 345 West 14th Street in Manhattan's Meatpacking District, co-developed with DDG Partners (architecture, interior design, and construction) and CB Developers.
• Ruschmeyer's (Montauk, NY) A hotel and resort property on Fort Pond in Montauk, NY, consisting of 19 cabin-style hotel rooms, an 110-seat restaurant with 80-seat outdoor garden, a nightclub, and a sandbar; co-developed with Ed Scheetz and Robbie McKinley.
• 280 Metropolitan A 28-unit mixed-use building with ground-floor retail and subgrade private parking in Williamsburg, Brooklyn; completed and sold out in 2016.
• The Dance Building (219 West 19th Street) A 50,000-square-foot mixed-use theater/residential condominium at 219 West 19th Street with 12 custom-designed loft homes and a new theater space delivered to the Dance Theater Workshop; sold out and completed in 2002.
• 22 Fulton Street (Newark, NJ) A mixed-income residential development in Newark, NJ with 395 residential units (80 designated as affordable housing), led by SK Development and Berger Organization with over $250 million in financing arranged by Walker & Dunlop and $119 million from Goldman Sachs Urban Investment Group; expected completion by 2028.

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core.

• CB DeveloperscoreStrategic or Co-development PartnerCB Developers is a co-development partner on the majority of SK Development projects including 1228 Madison Avenue, The West, The Parker West, 360 Bowery, Inness, 363 Lafayette, and 15+ other NYC developments.
• Ironstate DevelopmentcoreStrategic or Co-development PartnerIronstate Development partners with SK Development and CB Developers (CBSK Ironstate) on numerous mixed-use projects throughout New York City including 1228 Madison Avenue, The West, and 360 Bowery.
• Berger OrganizationcoreStrategic or Co-development PartnerBerger Organization is leading the 22 Fulton Street development in Newark alongside SK Development, marking SK's expansion into New Jersey real estate development.
• Brooklyn Standard PropertiescoreStrategic or Co-development PartnerBrooklyn Standard Properties partnered with SK Development and CB Developers on The Parker West project on the Upper West Side.
• Selldorf ArchitectscoreOthersSelldorf Architects designed multiple SK Development projects including 10 Bond Street (collaborating with Hill West) and Reade Chambers. Annabelle Selldorf completed interior design of The Urban Glass House after Philip Johnson's passing.
• CookFoxcoreOthersCookFox designed SK Development's 301 East 50th Street project, a 140,000 square foot mixed-use development that achieved LEED Gold certification.
• Morris Adjmi ArchitectscoreOthersMorris Adjmi designed 363 Lafayette (Noho Historic District) and 40 Gansevoort (first new project in Gansevoort Market Historic District).
• Rawlings ArchitectscoreOthersRawlings Architects designed The Lindley (591 Third Avenue) and The Frontier (200-210 East 39th Street) projects.
• Richard Born and Ira Drukier (BD Hotels)coreStrategic or Co-development PartnerBD Hotels manages and is a partner on the Pod Brooklyn hotel development along with Clinton Hall and RFTP rooftop bar.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CB Developers: CB Developers is SK Development's primary co-development partner on the majority of its NYC projects, including The Jefferson, 1228 Madison Avenue, 360 Bowery, and The Lindley. The two firms operate as a repeated JV (often with Ironstate Development as CBSK Ironstate), making CB Developers the most operationally comparable peer.
• Ironstate Development Company: Ironstate Development is SK Development's other principal co-development partner, forming the CBSK Ironstate JV on residential, mixed-use, and hospitality projects including Pod Brooklyn, The West, and Inness. Comparable by geography, asset mix (mixed-use + multifamily + hotels), and project scale.
• L+M Development Partners: L+M is a NYC-focused mixed-income and affordable housing developer with a comparable pipeline of mixed-use projects and deep familiarity with Section 8 / LIHTC financing. Directly relevant given SK Development's 22 Fulton Street mixed-income mandate and Abe Shnay's Section 8 portfolio.
• Taconic Investment Partners: Taconic is a NYC-based mixed-use and multifamily developer active in Manhattan and the Hudson Valley. Compares on geographic concentration in NYC prime markets and mixed-use project scale.
• Naftali Group: Naftali Group is a NYC residential and mixed-use developer known for luxury condominium and rental developments in Manhattan. Closely comparable to SK Development's luxury condo business (e.g., The Lindley, The Parker West, 301 East 50th Street).
• A&E Real Estate Holdings: A&E is a privately-held NYC multifamily and mixed-use developer with a sizable Section 8 / affordable housing portfolio. Comparable on affordable housing exposure, NYC geography, and mixed-use development model.
• Douglaston Development: Douglaston is a NYC-based mixed-use, residential, and commercial developer active in Manhattan and outer boroughs. Comparable on project type (mixed-use, residential condo, and commercial) and geographic footprint in NYC.
• BLDG Management Co. BLDG is a NYC developer/owner of multifamily and mixed-use properties, including affordable housing via partnerships with the City of New York. Comparable given SK Development's affordable housing program participation and mixed-income project mandate.

Broad incumbents

• The Related Companies: Related is a large national real estate developer with deep NYC roots (e.g., Hudson Yards). While much larger and broader, it is the natural reference point for a NYC mixed-use developer with brand-name architects and large institutional capital partners.
• Vornado Realty Trust: Vornado is a major Manhattan-focused REIT with substantial office and mixed-use holdings. While fundamentally different as a public REIT, it is a useful benchmark for prime NYC asset valuations and serves as a broader-incumbent comparison in the same geography.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/s-k-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SK Development