Hakimian Org pays $21.5M to Brickman, Investcorp for office in Garment District, down from $63.3M

UPDATED 7:45 p.m., June 4, 2025: Hakimian Organization through the entity CA 38th Street Holdings LLC paid $21.5 million to Brickman and Investcorp through the entity West 38 Ll, LLC for the office building (O6) at 256 West 38th Street in Garment District, Manhattan. The expected use is cash flowing. News reports identified Empire Capital Holdings as a buyer of this and another property, 229 West 36th Street.
The deal closed on May 23, 2025 and was recorded on June 3, 2025. The property has 96,736 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $222 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 sellers bought the property on November 6, 2017, for $63.3 million. The signatory for Brickman and Investcorp was Michael O’Brien and H. Herbert Myers . The signatory for Hakimian Organization  was Harry Adjmi . The contract date was February 26, 2025. Bloomberg first reported the sale, identifying the buyer as Empire Capital Holdings, however there is nothing in the transfers that indicates Empire Capital Holdings has a stake in the property. The address of the buyer entity for this building is in care of Hakimian Organization’s offices. The address for the borrower entity (which is the same as the buyer entity) is at the offices of the Harry Adjmi’s A&H Acquisitions. The signatory for the purchase was Harry Adjmi, while the signatory for the loan was Rex Hakimian.

A source familiar with the transaction said Adjmi transferred his entire stake to the Hakimian Organization.

On the same day, Adjmi’s A&H Acquisitions in partnership with Kenneth Cayre’s Cayre Equities, paid $19.2 million for 229 West 36th Street, also from Brickman and Investcorp. The buyer of that building was also reported to be Empire Capital Holdings.

To finance the purchase, Hakimian Organization through the entity CA 38th Street Holdings LLC as borrower signed an acquisition loan with lender Derby Copeland Capital through the entity CF DCope Fin LLC valued at $14 million.
The deal closed on May 23, 2025 and was recorded on June 3, 2025. The prior lender was Canadian Imperial Bank of Commerce which held debt that had an original loan amount of $112 million. which covered this building and 229 West 36th Street. The 36th Street property has 96,736 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $144 per the PincusCo analysis.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hakimian Organization purchased two properties in one transaction for a total of $15.8 million and sold one property in one transaction for a total of $30 million over the past 24 months.
The seller Brickman had not purchased any other properties and had not sold any properties over the same time period. The 96,736-square-foot property generated revenue of $5.2 million or $54 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 96,736 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 98 feet deep with a total lot size of 7,357 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $20.8 million. The most recent loan totaled $95 million and was provided by Canadian Imperial Bank of Commerce on September 12, 2019.

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 DOB violation and $950 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 $1 million on this tax lot.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 10th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 8 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 were four 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 17 commercial properties representing 1,412,406 square feet of the 2,750,711 square feet. The largest owner is Solil Management, followed by Rosen Equities and then Meyer Equities.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 2.8 million square feet of built space are office buildings, with industrial buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Brickman owned at least one commercial property in New York City with 130,000 square feet and a city-determined market value of $40.1 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.

The buyer

The PincusCo database currently indicates that Hakimian Organization owned at least 15 commercial properties with 957 residential units in New York City with 1,108,886 square feet and a city-determined market value of $396.4 million. (Market value is typically about 50% of actual value.) The portfolio has $517.1 million in debt, with top three lenders as Apollo Global Management, Apple Bank for Savings, and Cain International respectively. Within the portfolio, the bulk, or 49 percent of the 1,108,886 square feet of built space are elevator properties, with office properties next occupying 48 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Queens next at 13 percent of the space.
The PincusCo database currently indicates that Empire Capital Holdings owned at least seven commercial properties in New York City with 1,145,739 square feet and a city-determined market value of $398.5 million. (Market value is typically about 50% of actual value.) The portfolio has $46.2 million in debt, with top three lenders as Thorofare Capital, Alma Bank, and Hakimian Partners respectively. Within the portfolio, the bulk, or 91 percent of the 1,145,739 square feet of built space are office properties, with mixed-use properties next occupying 7 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.
The PincusCo database currently indicates that A&H Acquisitions owned at least three commercial properties in New York City with 156,817 square feet and a city-determined market value of $37.3 million. (Market value is typically about 50% of actual value.) The portfolio has $14.8 million in debt, borrowed from Metropolitan Commercial Bank and Customers Bank. Within the portfolio, the bulk, or 85 percent of the 156,817 square feet of built space are retail properties, with mixed-use properties next occupying 15 percent of the space. The bulk, or 79 percent of the built space, is in Bronx, with Brooklyn next at 21 percent of the space.

Correction: A prior version of this post reported that Harry Adjmi of A&H Acquisitions was a buyer and therefore owner of this property. In fact he bought it then flipped the buyer entity to the Hakimian Organization. 

Direct link to Acris document. link