Lycee Francais pays $7.3M to Kamran Hakim for 12-unit walkup in Lenox Hill

The private school Lycee Francais de New York through the entity 517 East 75th Street LLC paid $7.3 million to Kamran Hakim through the entity El-Kam Realty Co. for the 12-unit residential walkup building (C5) at 517 East 75th Street in Lenox Hill, Manhattan. The expected use is owner-occupied.
The deal closed on February 19, 2025 and was recorded on February 24, 2025. The property has 8,480 square feet of built space and 1,922 square feet of additional air rights for a total buildable of 10,392 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $860 and the price per buildable square foot is $702 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 Lycee Francais De New York was Vianney Motte. The contract date was February 18, 2025. The Lycee Francais De New York is located at 5 East 75th Street, a few houses to the west.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lycee Francais De New York had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kamran Hakim had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Olivia Nikaj, head officer and Adam Hirsch, officer. The business entity is El-Kam Realty Co. The 8,480-square-foot property generated revenue of $366,845 or $43 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 12 residential units in Lenox Hill has 8,480 square feet of built space and 1,922 square feet of additional air rights for a total buildable of 10,392 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 103 feet deep with a total lot size of 2,598 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 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 $300 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 block

On this tax block, PincusCo has identified the owners of six of the 13 commercial properties representing 45,377 square feet of the 297,052 square feet. The largest owner is Lycee Francais De New York, followed by GPG Properties and then Stavros Mourkakos.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 297,052 square feet of built space are specialty buildings, with walkup buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Kamran Hakim owned at least 56 commercial properties with 1,036 residential units in New York City with 832,603 square feet and a city-determined market value of $296.6 million. (Market value is typically about 50% of actual value.) The portfolio has $22 million in debt, borrowed from Webster Bank. Within the portfolio, the bulk, or 52 percent of the 832,603 square feet of built space are walkup properties, with elevator properties next occupying 45 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Lycee Francais De New York owned at least one commercial property with 16 residential units in New York City with 17,787 square feet and a city-determined market value of $7.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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