Hakimian Organization signs $150M refi with Apollo for newly built 371-unit rental in Woodside
Hakimian Organization through the entity Qb Properties LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $150 million for two properties with 371 residential units including the 371-unit residential elevator building (D6) at 72-01 Queens Boulevard in Woodside, Queens.
The deal closed on June 27, 2024 and was recorded on July 10, 2024. The prior lender was Cain International which held debt that had an original loan amount of $104.7 million.
The two tax lots have 284,431 square feet of built space and 7,928 square feet of additional air rights for a total buildable of 292,300 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $527 and the price per buildable square foot is $513 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 Hakimian Organization was Rex Hakimian. The signatory for Apollo Global Management was Jeffrey Horowitz.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $21,875 in ECB penalties, and $22,475 in OATH penalties in the last year.
Development
On these lots, there was one a new building construction project for a 371-unit, 284,431-square-foot R-2 building. The project was submitted by Hakimian Organization and filed by Jason Hakimian with plans filed September 27, 2019 and permitted November 16, 2021.
The block
On the tax block of 72-01 Queens Blvd., PincusCo has identified the owners of eight of the 20 commercial properties representing 621,551 square feet of the 660,571 square feet. The largest owner is Xin Xiang Lin, followed by Hakimian Organization and then Ching Lam.
On the tax block, there were seven new building construction projects totaling 521,122 square feet. The largest is a 346-unit, 286,274 square-foot residential (R-2) building submitted by Hakimian Organization and filed by Jason Hakimian with plans filed September 27, 2019 and permitted November 16, 2021. The second largest is a 90-unit, 100,508 square-foot residential (R-2) building submitted by King’s USA Group and filed by Henry Lam with plans filed January 15, 2016 and it has not been permitted yet.
The majority, or 94 percent of the 660,571 square feet of built space are elevator buildings, with mixed-use buildings next occupying 3 percent of the space.
The borrower
The PincusCo database currently indicates that Hakimian Organization owned at least 13 commercial properties with 957 residential units in New York City with 1,089,886 square feet and a city-determined market value of $394.4 million. (Market value is typically about 50% of actual value.) The portfolio has $367.1 million in debt, with top three lenders as Apple Bank for Savings, Cain International, and Pacific Western Bank respectively. Within the portfolio, the bulk, or 49 percent of the 1,089,886 square feet of built space are elevator properties, with office properties next occupying 49 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.
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