ABJ, Gorjian Real Estate sign $46.3M loan for eight properties in Manhattan

ABJ Properties, Gorjian Real Estate, and Abdolkarim Yaghoubi through the entity 115-117 Ave A LLC (and others) as borrowers signed an acquisition loan with lender New York Community Bank valued at $46.3 million for eight properties including the nine-unit residential walkup building (C1) at 330 East 6th Street in East Village, Manhattan, 12-unit residential walkup building (C1) at 89 Clinton Street in Lower East Side, Manhattan, and eight-unit residential walkup building (C4) at 186 Avenue B in Alphabet City, Manhattan.
The deal closed on June 24, 2022 and was recorded on July 26, 2022. The prior lender was Axos Bank. The eight properties have 52,728 square feet of built space and 19,383 square feet of additional air rights for a total buildable of 69,280 square feet according to PincusCo analysis of city data. The loan price per built square foot is $878 and the price per buildable square foot is $668 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for ABJ Properties, Gorjian Real Estate, and Abdolkarim Yaghoubi was Abdolkarim Yaghoubi, Cobby Gorjian, and Benjamin Soleimani. The signatory for New York Community Bank was Alan L. Kaufman.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 330 East 6th Street.

Prior sales and revenue

Out of the eight properties, four with a total of 52,728 square feet of built space generated revenue of $1.5 million per year.

The property

The 330 East 6th Street parcel has frontage of 25 feet and is 97 feet deep with a total lot size of 2,425 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the East Village / Lower East Side Historic District. The city-designated market value for the property in 2022 is $6.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $16,875 in ECB penalties, 22 housing violations, and $20,685 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 330 East 6th Street, PincusCo has identified the owners of 19 of the 45 commercial properties representing 201,982 square feet of the 439,414 square feet. The largest owner is Croman Real Estate, followed by Viking Management and then New York Police Department. There are two active new building construction projects totaling 16,514 square feet. The largest is a eight-unit, 8,331-square-foot R-2 building developed by Daniel Toledano with plans filed April 19, 2017 and it has not been permitted yet.The second largest is a eight-unit, 8,183-square-foot R-2 building developed by Daniel Toledano with plans filed May 11, 2020 and it has not been permitted yet.

The majority, or 78 percent of the 435,322 square feet of built space are walkup buildings, with specialty buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Abj Properties owned at least 77 commercial properties in New York City with 886,783 square feet and a city-determined market value of $108.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 886,783 square feet of built space are walkup properties, with elevator properties next occupying 10 percent of the space. The bulk, or 50 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.
The PincusCo database currently indicates that Abdolkarim Yaghoubi owned at least eight commercial properties in New York City with 52,728 square feet and a city-determined market value of $28.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 52,728 square feet of built space are walkup properties, with mixed-use properties next occupying 35 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Gorjian Real Estate owned at least eight commercial properties in New York City with 52,728 square feet and a city-determined market value of $28.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 52,728 square feet of built space are walkup properties, with mixed-use properties next occupying 35 percent of the space. They are all located in Manhattan.

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