Ahmet Okumus of Okumus Fund Management borrows $20M against Plaza, Noho condos

Ahmet Okumus of Okumus Fund Management through the entity Babacan Plaza Ltd. (and others) as borrower signed a loan agreement with lenders Nineteen77 Capital LLC and Bermudez Mutuari Ltd. through the UBS O’Connor LLC valued at $20 million for 4 parcels, including the tax class high-rise condominium apartment/elevated, residential unit (R4) and containing 4 residential units at 704 Broadway in Noho and the Plaza at 768 Fifth Avenue in the Plaza District. The deal closed on April 20, 2020 and was recorded on April 29, 2020.

This is the borrower’s first debt on the NYC properties since 2009. He acquired the condominium units in four separate purchases totaling $45.4 million. The loan was recorded in New York at $20 million, but the documents give the full loan at $25 million. The loan was secured by the Plaza units and the Noho unit as well as two additional assets, a residence at 1264 Scuttlehold Road in Bridgehampton, Long Island, and a mansion at 37 Burnsall Street in London, which sold in February 2018 for £24.5 million, which at the time equated to approximately $34.3 million. The mansion sold in 2015 for £27.5 million pounds. Nineteen77 Capital LLC is a Delaware limited partnership and Bermudez Mutuari Ltd. is an exempted Cayman Islands entity.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link