Zar Property, HPNY pay $15.2M to Brodsky for office condo in Lincoln Square

Zar Property NY and Ivan Hakimian’s HPNY through the entity HPNY West 61st Street LLC paid $15.2 million to the Brodsky Organization through the entity The Beaumont Company LLC for the approximately 60,000-square-foot office condo at 30 West 61st Street in Lincoln Square, Manhattan.
The deal closed on February 15, 2024 and was recorded on February 22, 2024. The property according to city records which does not account for loss factor, has 41,865 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $361 per the PincusCo analysis, according to the city square footage. (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 the Brodsky Organization was J. Dean Amro. The signatories for Zar Property NY and HPNY were Dario Zar and Ivan Hakimian. The contract date was February 15, 2024.

The buyers own it in a tenant-in-common structure, with Zar Property NY owning 80 percent and HPNY owning 20 percent. The unit has space on the lower level, ground floor, mezzanine and floors first through the fifth floor.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zar Property NY had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Brodsky Organization purchased five properties in four transactions for a total of $127.3 million and sold one properties in one transactions for a total of $101.2 million over the same time period.

The property

The office condo in Lincoln Square has 41,865 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 41,865 square feet. The city-designated market value for the property in 2022 is $10.7 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 17, 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 Lincoln Square, The majority, or 61 percent of the 19.1 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Lincoln Square has the 6th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Lincoln Square has 1.7 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 319,337 square feet of the 918,711 square feet. The largest owner is Michael T. Cohen, followed by Global Holdings Management Group and then Extell Development.
On the tax block, there was one new building construction project filed totaling 173,561 square feet. It is a 123-unit, 173,561 square-foot residential (R-2) building submitted by Eric Leclair with plans filed December 6, 2018 and permitted March 26, 2021.

The majority, or 44 percent of the 918,711 square feet of built space are elevator buildings, with office buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Brodsky Organization owned at least 43 commercial properties with 5,920 residential units in New York City with 5,824,465 square feet and a city-determined market value of $1.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $746.1 million in debt, with top three lenders as M&T Bank, AXA Equitable, and Bank of New York Mellon respectively. Within the portfolio, the bulk, or 93 percent of the 5,824,465 square feet of built space are elevator properties, with office properties next occupying 3 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

The buyer

The PincusCo database currently indicates that Zar Property Ny owned at least seven commercial properties with 46 residential units in New York City with 363,023 square feet and a city-determined market value of $109.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 363,023 square feet of built space are office properties, with walkup properties next occupying 9 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that Hpny owned at least one commercial property with eight residential units in New York City with 7,870 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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