ONS Clothing pays $7.8M to Hakim Organization for retail in Nolita

ONS Clothing through the entity Ons Clothing LLC paid $7.8 million to Kamran Hakim’s Hakim Organization through the entity 201 Mulberry Commercial LLC for the retail condo at 201 Mulberry Street in Nolita, Manhattan. The expected use is owner-occupied. ONS Clothing currently occupies the space.
The deal closed on November 19, 2024 and was recorded on November 22, 2024. The property has 4,521 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,725 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 seller bought the property on October 15, 2014, for $8.4 million. The signatory for Hakim Organization was Adam Brodsky. The signatory for ONS Clothing was Brian Kwongyan Chung. The contract date was September 10, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer ONS Clothing had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The retail condo in Nolita has 4,521 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 4,521 square feet. 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 for the past 24 months. 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 15, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has the 40th highest sale turnover among other neighborhoods in Manhattan with $46.9 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 41,839 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 241,600 square feet of the 365,818 square feet. The largest owner is Forkosh Development Group, followed by Tanaz Eshaghian and then Kano Real Estate Investors.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 365,818 square feet of built space are hotel buildings, with walkup buildings next occupying 44 percent of the space.

The seller

The PincusCo database currently indicates that Kamran Hakim owned at least 56 commercial properties with 832,603 square feet, 1,036 residential units 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.

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