Gorjian, Namdar, Hakimian get $7M refi with Webster Bank for mixed-use in Garment District

Gorjian Real Estate Group, Namdar Realty Group, and Ivan Hakimian through the entity 36th HY LLC as borrower signed a refi loan with lender Webster Bank valued at $7 million for the mixed-use building (K4) at 468 Ninth Avenue in the Garment District, Manhattan.
The deal closed on January 23, 2023 and was recorded on March 2, 2023. The prior lender was Sterling National Bank which held debt that had an original loan amount of $5.6 million. The property has 16,808 square feet of built space and 13,286 square feet of additional air rights for a total buildable of 30,069 square feet according to PincusCo analysis of city data. The loan price per built square foot is $416 and the price per buildable square foot is $232 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 December 8, 2017, for $8 million. The signatory for Gorjian Real Estate Group, Namdar Realty Group, and Ivan Hakimian was Justin Gorjian. The signatory for Webster Bank was Gabriel Safdie. The prior lender was Sterling National Bank which was acquired by Webster Bank. The new loan includes Igal Namdar and Ivan Hakimian as additional borrowers.

The property

The 468 9th Avenue parcel has frontage of 49 feet and is 100 feet deep with a total lot size of 4,995 square feet. The zoning is C1-7A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million.

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 received $1,250 in ECB penalties and $1,500 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 neighborhood

In Garment District, the majority, or 70 percent of the 52.2 million square feet of commercial built space are office buildings, with hotel buildings next occupying 12 percent of the space. In sales, Garment District has 2.7 times the average sales volume among other neighborhoods with $928.4 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Garment District has 2 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 26 commercial properties representing 541,657 square feet of the 1,707,548 square feet. The largest owner is Thomas Makkos, followed by Pineapple Hospitality and then Philippe Ifrah.
On the tax block, there were three new building construction projects totaling 206,791 square feet. The largest is a 320-unit, 88,744-square-foot R-1 building developed by Sam Chang with plans filed October 6, 2016 and permitted July 24, 2017. The second largest is a 250-unit, 88,503-square-foot R-1 building developed by Sam Chang with plans filed December 26, 2013 and permitted January 12, 2015.

The majority, or 54 percent of the 1.7 million square feet of built space are office buildings, with hotel buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Namdar Realty Group owned at least 67 commercial properties in New York City with 1,509,997 square feet and a city-determined market value of $247.9 million. (Market value is typically about 50% of actual value.) The portfolio has $150.6 million in debt, with top three lenders as Benefit Street Partners, Signature Bank, and Ladder Capital respectively. Within the portfolio, the bulk, or 25 percent of the 1,509,997 square feet of built space are walkup properties, with office properties next occupying 25 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Bronx next at 18 percent of the space.
The PincusCo database currently indicates that Gorjian Real Estate Group owned at least eight commercial properties in New York City with 211,922 square feet and a city-determined market value of $65.9 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 58 percent of the 211,922 square feet of built space are office properties, with walkup properties next occupying 30 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Ivan Hakimian owned at least three commercial properties in New York City with 25,370 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 83 percent of the built space, is in Bronx, with Brooklyn next at 17 percent of the space.

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