A & R Kalimian signs $11.9M refi for 103-unit rental in Times Square

A & R Kalimian Realty through the entity Ak 150 West 47th LLC as borrower signed a refi loan with lender New York Community Bank through the entity New York Community Bank valued at $11.9 million for the 103-unit rental (D6) at 150 West 47th Street in Times Square, Manhattan.
The deal closed on July 15, 2021 and was recorded on August 3, 2021.
The property has 66,182 square feet of built space and 4,907 square feet of additional air rights for a total buildable of 71,120 square feet according to PincusCo analysis of city data. The loan price per built square foot is $180 and the price per buildable square foot is $167 per the PincusCo analysis. The price per foot analysis is simply the sale price divided by square feet as reported in public records and assumes no air rights have been sold.
The signatory for A & R Kalimian Realty was Albert Kalimian.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1.2 million. One of the projects were to change the building from a RES to a R-2 and were permitted on October 27, 2011.
The owners according to the Department of Housing Preservation and Development includes James Sheehan, head officer and Albert Kalimian, officer. The business entity is A & R Kalimian Llc.

Within a 400-foot radius of 150 West 47th Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on September 3, 2020 for a 260,360-square-foot hotel R-1 building with 974 units at 150 West 48th Street.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 27, 2020 for the $901,000 renovation of a residential R-2 building with four residential units at 140 West 46th Street.
One of those eight items was a sale which Sam Chang’s McSam Hotel Group bought the hotel (H2) on 150 West 48th Street and four other properties for $138.8 million from Rockefeller Development on January 2, 2020.
Of those eight items, four were loans above $5 million totaling $688.5 million. The most recent of the four was Durst Organization which borrowed $331.3 million from Bank of America, Citibank, and Wells Fargo secured by the 646,995-square-foot, 40-unit office building (O4) on 114 West 47th Street on May 26, 2021.

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