Hakimian Organization borrows $13M from Apple Bank For Savings for multifamily property in Kips Bay

Hakimian Organization through the entity 220 East 24 Associates LLC as borrower signed a loan agreement with lender Apple Bank For Savings valued at $12.8 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 71 residential units at 220 East 24th Street in Kips Bay. The deal closed on May 28, 2020 and was recorded on June 17, 2020.
The property contains a total of 45,446 square feet of built space.
The average loan per unit is $179,577.
The financing includes $6 million in new debt. The signatory was Behrouz Ben Hakimian.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link