Kamran Hakim signs $22M refi with Webster Bank for two properties in Chelsea
Kamran Hakim through the entity Ht West 27th Realty LLC as borrower signed a refi loan with lender Webster Bank through the entity Webster Bank, National Association valued at $22 million for two properties with 28 residential units including the 28-unit residential elevator building (D8) at 537 West 27th Street in Chelsea, Manhattan and property at 540 West 28th Street in Chelsea, Manhattan.
The deal closed on February 15, 2024 and was recorded on February 16, 2024. The prior lender was East West Bank which held debt that had an original loan amount of $24.5 million.The two properties have 43,157 square feet of built space and 20,386 square feet of additional air rights for a total buildable of 54,753 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $509 and the price per buildable square foot is $401 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 Kamran Hakim was Kamran Hakim. The signatory for Webster Bank was Christopher Henry.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 537 West 27th Street.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Adam Jernow, head officer and Jeremy Kilts, officer. The business entity is Ht West 27th Street Llc.
The property
The residential elevator building with 28 residential units in Chelsea has 43,157 square feet of built space and 20,386 square feet of additional air rights for a total buildable of 54,753 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 58 feet deep with a total lot size of 7,281 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2013 and expires in 2023. The city-designated market value for the property in 2022 is $15.1 million.
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 four DOB violations, two housing violations, and $2,630 in OATH penalties in the last year.
Development
For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On the tax block of 537 West 27th Street, PincusCo has identified the owners of seven of the 14 commercial properties representing 261,223 square feet of the 410,898 square feet. The largest owner is Silvera Properties, followed by Scharfman Organization and then Related Companies.
On the tax block, there was one new building construction project filed totaling 148,957 square feet. It is a 40-unit, 148,957 square-foot residential (R-2) building submitted by Related Companies and filed by Gregory Gushee with plans filed July 30, 2013 and permitted February 12, 2015.
The majority, or 37 percent of the 410,898 square feet of built space are retail buildings, with elevator buildings next occupying 33 percent of the space.
The borrower
The PincusCo database currently indicates that Kamran Hakim owned at least 55 commercial properties with 1,008 residential units in New York City with 798,258 square feet and a city-determined market value of $281.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 798,258 square feet of built space are walkup properties, with elevator properties next occupying 43 percent of the space. They are all located in Manhattan.
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