Allied Realty signs $11M refi for 23-unit elevator building in West Village, has 53-building portfolio
Allied Realty & Development through the entity Allied VI LLC as borrower signed a refi loan with lender Peapack-Gladstone Bank through the entity Peapack-Gladstone Bank valued at $11 million for the 23-unit residential elevator building at 34-36 8th Avenue in West Village, Manhattan.
Bahram “Danny” Hakakian owns the Great Neck, LI-based Allied Realty & Development. Allied Realty & Development owns 53 properties with a total of 493,720 square feet that have 403 residential units, according to a PincusCo analysis of city records.
The deal closed on January 25, 2022 and was recorded on February 17, 2022. The prior lender was First Republic Bank which held debt that had an original loan amount of $7.5 million.
The property has 10,552 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,042 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 owner bought the property on September 28, 2018, for $15.9 million.
The signatory for Allied Realty & Development was Bahram Hakakian. The signatory for Peapack-Gladstone Bank was Martin J. Brady.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $300,100. Those filings sought to increase the number of residential units by 4 to 14. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $120,000. One of the projects were to change the building from a RES to a R-2and change the number of residential units from 10 to 14 and were permitted on August 28, 2019.
In West Village, the bulk, or 35 percent of the 15.7 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, West Village has 2.5 times the average sales volume among other neighborhoods with $690.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, West Village has had very little major development activity relative to other neighborhoods. It had 152,386 square feet of commercial and multi-family construction under development in the last two years, which represents 0.97 percent of the neighborhood’s built space.
On the tax block, the majority, or 31 percent of the 199,804 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 28 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Bahram Hakakian, head officer and Ben Kopilev, agent. The business entities are Allied Realty & Development Corp and Allied Vi Llc.
Within a 400-foot radius of 34-36 8th Avenue, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $16 million. The most recent of these two items was the permit on July 14, 2020 for a 3,326-square-foot R-3 building with one residential unit at 303 West 4th Street.
Of those 13 items, six were sales above $5 million totaling $54.7 million. The most recent of the six was TARGO Capital Partners which bought the 5,803-square-foot, three-unit mixed-use building (S0) on 41 8th Avenue for $5.2 million from Dalan Management on October 7, 2021.
Of those 13 items, five were loans above $5 million totaling $45.8 million. The most recent of the five was R.A. Cohen & Associates which borrowed $6.4 million from First National Bank of Long Island secured by the 13,200-square-foot, 28-unit rental (C4) on 16 Jane Street on November 16, 2021.
Direct link to Acris document. link