Bayam Jewelry pays $4.3M Gorjians, Hakimians for office condo in Midtown West
10 West 46th Street (Credit - Google)
Bayam Jewelry through the entity Bayam Properties LLC paid $4.3 million to Justin Gorjian, Kevin Gorjian, Behrouz B. Hakimian, and Joe Hakimian through the entity BBH Properties LLC for an office condo unit 17 at 10 West 46th Street in Midtown West, Manhattan.
The deal closed on May 26, 2022 and was recorded on August 10, 2022. The property has 3,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,272 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 Justin Gorjian, Kevin Gorjian, Behrouz B. Hakimian, and Joe Hakimian was Justin Gorjian, Kevin Gorjian, Behrouz B. Hakimian, and Joe Hakimian. The signatory for Bayam Jewelry was Talha Bayam.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Bayam Jewelry had purchased any other properties and has no record it sold any properties over the past 24 months.
The property
The 10 West 46th Street parcel has a total lot size of 3,400 square feet. The city-designated market value for the property in 2022 is $1.1 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations 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 neighborhood
In Midtown West, the majority, or 73 percent of the 77.7 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Midtown West has the 5th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 12 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of eight of the 96 commercial properties representing 362,807 square feet of the 2,590,179 square feet. The largest owner is Swiss pension investment company Afiaa, followed by Magna Hospitality Group and then Cla Real Estate Holdings Pte Ltd.
There are no active new building construction projects on this tax block.
The majority, or 75 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space.
The buyer
The PincusCo database currently indicates that Bayam Jewelry owned at least one commercial property in New York City with 3,400 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.
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