Kambiz Hakim signs $23M refi with Webster Bank for 10-unit rental in Carnegie Hill

Kambiz Hakim through the entity 1290 Madison LLC as borrower signed a refi loan with lender Webster Bank through the entity Webster Bank, National Association valued at $23 million for the 10-unit residential elevator building (D7) at 1290 Madison Avenue in Carnegie Hill, Manhattan.
The deal closed on November 21, 2025 and was recorded on December 4, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $20 million.The property has 20,096 square feet of built space and 16,830 square feet of additional air rights for a total buildable of 36,910 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,144 and the price per buildable square foot is $623 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 Kambiz Hakim was Kambiz Hakim. The signatory for Webster Bank was Adam Brenner .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Kayvan Hakim, head officer and Drew Donovan, agent. The business entities are Choice Ny Management and 1290 Madison Llc.

The property

The residential elevator building with 10 residential units in Carnegie Hill has 20,096 square feet of built space and 16,830 square feet of additional air rights for a total buildable of 36,910 square feet according to a PincusCo analysis of city data. The parcel has frontage of 36 feet and is 100 feet deep with a total lot size of 3,691 square feet. The zoning is R10 which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Expanded Carnegie Hill Historic District. The city-designated market value for the property in 2022 is $9.3 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 $6,280 in ECB penalties and $6,280 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 120941133, for a 10-unit, 25,184 square-foot R-2 building. The project was submitted by Kayvan Hakim with plans filed January 10, 2012 and permitted September 8, 2021.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 28,079 square feet of the 308,466 square feet. The largest owner is Ussr, followed by Khedouri Ezair Executor and then James Flessas.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 308,466 square feet of built space are specialty buildings, with mixed-use buildings next occupying 10 percent of the space.

The borrower

The PincusCo database currently indicates that Kambiz Hakim owned at least nine commercial properties with 131 residential units in New York City with 91,288 square feet and a city-determined market value of $33.2 million. (Market value is typically about 50% of actual value.) The portfolio has $44 million in debt, borrowed from Morgan Stanley. Within the portfolio, the bulk, or 62 percent of the 91,288 square feet of built space are elevator properties, with mixed-use properties next occupying 27 percent of the space. They are all located in Manhattan.

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