Haymes Investment Company signs $9.2M refi for UWS retail

Haymes Investment Company through the entity Haymes Broadway LLC as borrower signed a refi loan with lender John Hancock Life Insurance Company valued at $9.2 million for the retail building (K2) at 2473-2475 Broadway in Upper West Side, Manhattan.
The deal closed on January 22, 2026 and was recorded on February 3, 2026. The prior lender was John Hancock Life Insurance Company which held debt that had an original loan amount of $7.5 million.The property has 15,000 square feet of built space and 35,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $616 and the price per buildable square foot is $185 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 Haymes Investment Company was Stephen D. Haymes . The signatory for John Hancock Life Insurance Company was William T. Shields .

Prior sales, articles and revenue

The 15,000-square-foot property generated revenue of $1.5 million or $98 per square foot, according to the most recent income and expense figures.

The property

The retail building in Upper West Side has 15,000 square feet of built space and 35,000 square feet of additional air rights for a total buildable of 50,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.6 million.

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 $450 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 Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 2.8 times the average sales volume among other neighborhoods with $909.8 million in sales volume in the last two years and is the 12th highest in Manhattan. For development, Upper West Side has 1.2 times the average amount of major developments relative to other neighborhoods and is the 21st highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 20 of the 21 commercial properties representing 455,445 square feet of the 470,565 square feet. The largest owner is Ellen Hakim, followed by Adam America Real Estate and then Durso Associates.
On the tax block, there was one new building construction project filed totaling 150,852 square feet. It is a 57-unit, 150,852 square-foot residential (R-2) building submitted by Hampshire Properties and filed by Robert Rosenthal with plans filed June 7, 2017 and permitted December 2, 2019.

The majority, or 53 percent of the 470,565 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Haymes Investment Company owned at least three commercial properties in New York City with 1,273,089 square feet and a city-determined market value of $366.7 million. (Market value is typically about 50% of actual value.) The portfolio has $360 million in debt, with top three lenders as CGCMT 2016-GC36, Series 2016-GC36, and LNR Partners respectively. Within the portfolio, the bulk, or 99 percent of the 1,273,089 square feet of built space are office properties, with retail properties next occupying 1 percent of the space. They are all located in Manhattan.

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