Hakimian Capital Provides $11,725,000 Loan For Landmark Chelsea Commercial Condominium Conversion Project

The property asset involved in this transaction is a mixed-use facility located at 101 7th Avenue in Chelsea. It features a total square footage of 56,870 and has been part of a notable commercial condominium conversion project previously known as the Barneys building.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $11,725,000
• Lender: Michael Hakimian, Sammy Hakimian & Daniel Nadri - Hakimian Capital
• Landlord: Wolfe Landau
• Loan Type: Note purchase

This transaction was facilitated by Hakimian Capital, which acted quickly to purchase the senior note associated with the property and provide a simultaneous loan modification. The deal was structured and closed in under 48 hours, showcasing the efficiency and responsiveness of the lenders during a critical time for the borrower.