Hakimian Capital acquires $5M Mott Haven walkup thru bankruptcy, was former note holder

Hakimian Capital through the entity 231 Brook HC LLC acquired through a bankruptcy filed by Delfino Velez through the entity 502 E. Jed Realty Corp., the 32-unit residential walkup building (C7) at 231 Brook Avenue in Mott Haven, Bronx. The expected use is cash flowing. The transfer price was $5 million. Hakimian Capital bought the debt in 2022.
The deal closed on March 3, 2025 and was recorded on March 25, 2025. The property has 25,460 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $196 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 Delfino Velez was Daniel Nadri . The signatory for Hakimian Capital was Daniel Nadri . The contract date was March 3, 2025. This is a bankruptcy sale, Eastern District of NY 23-41316, with the lender, Hakimian Capital, taking control of the building. The former owner was Delfino Velez who borrowed $4.65 million in 2017.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hakimian Capital purchased one property in one transaction for a total of $2.6 million and has no record it sold any properties over the past 24 months.
The seller Delfino Velez had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Delfino Velez, head officer and Emiliano Velez, officer. The business entity is Jed Realty Corp. The 25,460-square-foot property generated revenue of $608,749 or $24 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 32 residential units in Mott Haven has 25,460 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 100 feet deep with a total lot size of 6,520 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million. The most recent loan totaled 0.0 and was provided by Hakimian Capital on June 17, 2022. The property has 16 rent regulated units according to city tax records from 2023.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on April 18, 2023, by Flora Montiel and Delfino Velez citing assets of $4.7 million. In addition, according to city public data, the property has received three DOB violations and $400 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 8, 2015. 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 15 of the 26 commercial properties representing 224,176 square feet of the 344,849 square feet. The largest owner is Denali Management, followed by Karl Ashmawy and then Eric J. Oppenheimer Of Eric J Oppenheimer.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 344,849 square feet of built space are walkup buildings, with retail buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Delfino Velez owned at least one commercial property with 32 residential units in New York City with 25,460 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Hakimian Capital owned at least two commercial properties with two residential units in New York City with 504,937 square feet and a city-determined market value of $192.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 504,937 square feet of built space are office properties, with mixed-use properties next occupying 1 percent of the space. They are all located in Manhattan.

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