Skyland Management signs $7.5M refi with Hakimian Partners for dev site in NoMad

Skyland Management through the entity 120 Lexington Ave. Corp. as borrower signed a refi loan with lender Hakimian Partners through the entity Hakimian Partners LLC valued at $7.5 million for four properties, composing one vacant development lot at 120-126 Lexington Avenue, at the corner of East 28th Street in NoMad, Manhattan.
The deal closed on September 20, 2024 and was recorded on September 26, 2024. The prior lender was Maguire Capital Group which held debt that had an original loan amount of $5.5 million.The four properties have 17,817 square feet of built space and 32,779 square feet of additional air rights for a total buildable of 37,275 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $420 and the price per buildable square foot is $201 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 Skyland Management was Isaac Dabakaroff. The signatory for Hakimian Partners was Daniel Nadri.

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 122 Lexington Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Isaac Dabakaroff, head officer and Amnon Dabakaroff, officer. The business entities are Skyland Management Group Llc and 120 Lexington Ave Corp.

The property

The development building with 6 residential units in NoMad has 17,817 square feet of built space and 32,779 square feet of additional air rights for a total buildable of 37,275 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 78 feet deep with a total lot size of 1,517 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 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 two DOB violations, $1,250 in ECB penalties, two housing violations, and $4,380 in OATH penalties in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 102,971 square feet. The largest, 123521901, is a new building project for a six-unit, 37,911 square-foot R-1 building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed July 10, 2018 and it has not been permitted yet. The second largest, 123533239, is a new building project for a 56-unit, 33,667 square-foot R-2 building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed August 8, 2018 and it has not been permitted yet.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.6 times the average sales volume among other neighborhoods with $409.6 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, NoMad has 2.1 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.

The block

On the tax block of 122 Lexington Avenue, PincusCo has identified the owners of 14 of the 27 commercial properties representing 397,452 square feet of the 463,378 square feet. The largest owner is Elad Group, followed by Zucker Organization and then S.W. Management.
On the tax block, there were three new building construction projects totaling 102,971 square feet. The largest is a six-unit, 37,911 square-foot hotel/dormitory/shelter (R-1) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed July 10, 2018 and it has not been permitted yet. The second largest is a 56-unit, 33,667 square-foot residential (R-2) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed August 8, 2018 and it has not been permitted yet.

The majority, or 37 percent of the 463,378 square feet of built space are elevator buildings, with office buildings next occupying 35 percent of the space.

Direct link to Acris document. link