Hakim Organization signs $99.8M refi with Northwestern Mutual for 480-unit rental in Kips Bay

Kamran Hakim’s Hakim Organization through the entity Rosebud Owner LLC as borrower signed a refi loan with lender Northwestern Mutual Life Insurance Company valued at $99.8 million for the 480-unit residential elevator building (D8) at 222 East 34th Street in Kips Bay, Manhattan.
The deal closed on May 20, 2025 and was recorded on June 2, 2025. The prior lender was Northwestern Mutual Life Insurance Company which held debt that had an original loan amount of $99.8 million.The property has 541,505 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $184 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 Hakim Organization was Kamran Hakim . The signatory for Northwestern Mutual Life Insurance Company was Paul J. Hanson . The maturity date was extended to June 15, 2030, along with other changes. Northwestern Mutual provided the initial loan of $99.8 million in May 2014.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Brendan Higgins, head officer and Paul Athens, officer. The business entity is Rosebud Owner, Llc. The 541,505-square-foot property generated revenue of $32.9 million or $61 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 480 residential units in Kips Bay has 541,505 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 360 feet and is 98 feet deep with a total lot size of 35,396 square feet. The lot is irregular. The zoning is C1-9A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $198.3 million. The property has 19 rent regulated units according to city tax records from 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one housing violation and $2,530 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 24, 2012. 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 this tax block, PincusCo has identified the owners of 18 of the 30 commercial properties representing 791,973 square feet of the 1,040,151 square feet. The largest owner is Hakim Organization, followed by Slate Property Group and then Kamran Hakim.
On the tax block, there were three new building construction projects totaling 218,228 square feet. The largest is a 144-unit, 134,998 square-foot residential (R-2) building submitted by Xiaocheng Zhou and filed by Xiaocheng Zhou with plans filed May 2, 2019 and permitted August 28, 2019. The second largest is a 32-unit, 57,901 square-foot residential (R-2) building submitted by Extell Development and filed by Asher Schepansky with plans filed July 20, 2016 and it has not been permitted yet.

The majority, or 82 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Hakim Organization owned at least one commercial property with 480 residential units in New York City with 541,505 square feet and a city-determined market value of $192.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

Direct link to Acris document. link