iPark pays $5M to Hakimian Organization for garage condo in Financial District

iPark through the entity 75 Wall Street Garage LLC paid $5 million to Hakimian Organization through the entity 75 Wall Retail LLC for the garage condo unit at 75 Wall Street in Financial District, Manhattan.
The deal closed on May 6, 2022 and was recorded on May 24, 2022. The property has 24,207 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $206 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 Joe Hakimian. The signatory for iPark was William S. Lerner. William S. “Billy” Lerner is president of iPark, formerly Imperial Parking Systems.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer iPark had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hakimian Organization had not purchased any other properties and sold one property in one transaction for a total of $84.7 million over the same time period.

The property

The 75 Wall Street parcel has a total lot size of 24,207 square feet. The property has a 421G exemption that started in 2010 and expires in 2022. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 8, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 688,681 square feet of the 701,956 square feet. The largest owner is UDR, Inc., followed by Navika Capital Group and then David Lloyd. There is one active new building construction project totaling 22,307 square feet. It is a 10-unit, 22,307-square-foot R-2 building developed by David Lloyd with plans filed August 30, 2021 and it has not been permitted yet.

The majority, or 97 percent of the 500,691 square feet of built space are residential elevator buildings, with retail buildings next occupying 1 percent of the space.

The seller

The PincusCo database currently indicates that Hakimian Organization owned at least 10 commercial properties with 510,883 square feet and a city-determined market value of $181.5 million. (Market value is typically about 50% of actual value.) The portfolio has $245.8 million in debt, with top three lenders as Apple Bank for Savings, Pacific Western Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 93 percent of the 510,883 square feet of built space are residential elevator properties, with mixed-use properties next occupying 7 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.

Surrounding

Within a 400-foot radius of 75 Wall Street, Pincusco identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, one was in new building development. It was a new building permit application filed on August 30, 2021 for a 19,825-square-foot R-2 building with 10 residential units at 126 Pearl Street.
Of those 11 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $75.7 million and one initial temporary certificate of occupancy issuance for a project that initially costed $371,000. The most recent of these two items was the filing on May 4, 2022 for a 1,598,656-square-foot E building with zero residential units at 60 Wall Street.
Of those 11 items, three were sales above $5 million totaling $406.2 million. The most recent of the three was Navika Capital Group which bought one condo unit in the 194,477-square-foot, 350-unit mixed-use building (RM) on 75 Wall Street for $84.7 million from Hakimian Organization on January 11, 2022.
Of those 11 items, five were loans above $5 million totaling $546.2 million. The most recent of the five was Navika Capital Group which borrowed $53 million from Madison Realty Capital secured by one condo unit in the 194,477-square-foot, 350-unit mixed-use building (RM) on 75 Wall Street on January 11, 2022.

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