Carlyle, Gotham Organization pay $265M to A&R Kalimian for 310-unit rental Lincoln Square

Carlyle Group and Gotham Organization through the entity 200 West 67th St Owner, L.L.C. paid $265 million to A&R Kalimian Realty through the entity 150 Amsterdam Avenue Holdings LLC for the 310-unit rental tower Aire at 150 Amsterdam Avenue in Lincoln Square, Manhattan. The property is divided into three commercial condominium units, including a residential unit and a retail unit.
The deal closed on February 2, 2024 and was recorded on February 9, 2024. The three condo units have 390,682 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $678 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 A&R Kalimian Realty was Albert Kalimian. The signatory for Carlyle Group and Gotham Organization was Wonjoong Kim. The contract date was February 2, 2024. The New York Post first reported the sale last week, identifying Gotham Organization and Carlyle Group as the buyers and that Darcy Stacom and Alana Bassen of CBRE brokered the sale. The building has an alternate address of 200 West 67th Street. In June 2023 the Commercial Observer reported the loan was transferred to special servicing.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Carlyle Group purchased 174 properties in 156 transactions for a total of $924.5 million and sold one property in one transactions for a total of $4 million over the past 24 months.
The seller A&R Kalimian Realty had not purchased any other properties and had not sold any properties over the same time period.

The property

The rental with 310 residential units in Lincoln Square has 390,682 square feet of built space according to a PincusCo analysis of city data. The property has a 421A exemption that started in 2013 and expires in 2023. The city-designated market value for the property in 2022 is $137.6 million.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a case concerning the ability to see books and records filed on November 18, 2022, by Justin Amirian, Saeed Amirian, and Edna Kalimian Amirian against Albert Kalimian. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 150 Amsterdam Avenue, PincusCo has identified the owners of three of the six commercial properties representing 409,721 square feet of the 653,905 square feet. The two identified owners are Stonehenge NYC and American Continental Properties.

The majority, or 86 percent of the 653,905 square feet of built space are elevator buildings, with specialty buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that A&R Kalimian Realty owned at least seven commercial properties with 342 residential units in New York City with 349,325 square feet and a city-determined market value of $119.9 million. (Market value is typically about 50% of actual value.) The portfolio has $77.5 million in debt, borrowed from Citibank and Dime Community Bank. Within the portfolio, the bulk, or 95 percent of the 349,325 square feet of built space are elevator properties, with mixed-use properties next occupying 5 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Carlyle Group owned at least 281 commercial properties with 2,707 residential units in New York City with 3,219,491 square feet and a city-determined market value of $809.7 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Invesco Real Estate, Invesco, and Santander Bank respectively. Within the portfolio, the bulk, or 47 percent of the 3,219,491 square feet of built space are elevator properties, with industrial properties next occupying 15 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.
The PincusCo database currently indicates that Gotham Organization owned at least four commercial properties with 938 residential units in New York City with 903,586 square feet and a city-determined market value of $47.3 million. (Market value is typically about 50% of actual value.) The portfolio has $418.8 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 51 percent of the 903,586 square feet of built space are elevator properties, with D6 properties next occupying 38 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Queens next at 38 percent of the space.

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