Hakimian Organization borrows $40.5M from Apple Bank for Savings for Manhattan rentals

The Hakimian Organization obtained $19.1 million in new debt in financing packages from Apple Bank for Savings on two rental buildings in two transactions in Kips Bay and Chelsea.

In the larger, Hakimian Organization through the entity Trico Equities Company, LLC as borrower signed a loan agreement with lender Apple Bank for Savings valued at $25 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 96 residential units at 184 Lexington Avenue in Kips Bay. The deal closed on May 28, 2020 and was recorded on June 5, 2020.
The property contains a total of 97,414 square feet of built space.
The average loan per unit is $260,417.
This package includes $12.1 million in new debt and refinances $14 million from Sovereign Bank. The signatory for the loan 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.There has been one new building permit application totaling 7,612 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, the Hakimian Organization through the entity 20th Street Associates, LLC as borrower signed a loan agreement with lender Apple Bank for Savings valued at $15.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 73 residential units at 460 West 20th Street in Chelsea. The deal closed on May 28, 2020 and was recorded on June 5, 2020.
The property contains a total of 68,260 square feet of built space.
The average loan per unit is $212,329.
This package includes $6.98 million in new debt and refinances $9.25 million provided by Sovereign Bank.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link