Mark Kalimian signs $33.7M refi with Apple Bank for 178-unit elevator building in Flatiron District

Mark D. Kalimian through the entity Abington Holding, LLC as borrower signed a refi loan with lender Apple Bank for Savings valued at $33.7 million for the 178-unit residential elevator building at 295 Park Avenue South in Flatiron District, Manhattan.
The deal closed on February 23, 2022 and was recorded on March 3, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $40 million.
The property has 145,299 square feet of built space and 10,436 square feet of additional air rights for a total buildable of 155,770 square feet according to PincusCo analysis of city data. The loan price per built square foot is $231 and the price per buildable square foot is $216 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 Mark D. Kalimian was Mark D. Kalimian. The signatory for Apple Bank for Savings was Cynthia Wang.
The 145,299-square-foot property generated revenue of $9.5 million or $66 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $62,000.
In Flatiron District, the majority, or 62 percent of the 27.7 million square feet of built space are office buildings, with residential elevator buildings next occupying 25 percent of the space. In sales, Flatiron District has the 6th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Flatiron District has had very little major development activity relative to other neighborhoods.It had 583,415 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 38 percent of the 1.2 million square feet of built space are specialty buildings, with residential elevator buildings next occupying 32 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Abi Kalimian, individual owner and Alexander Berley, agent.
Within a 400-foot radius of 295 Park Avenue South, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, two were sales above $5 million totaling $1.5 billion. The most recent of the two was PIMCO which bought the 202,000-square-foot, 25-unit office building (O9) on 315 Park Avenue South and six other properties for $1.4 billion from Columbia Property Trust on December 29, 2021.
Of those eight items, six were loans above $5 million totaling $383.4 million. The most recent of the six was Rony Abramove which borrowed $13.6 million from Signature Bank secured by the 19,750-square-foot, two-unit industrial (W9) on 111 East 22nd Street on March 31, 2021.

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