Hakimian Capital Provides $120 Million Note Purchase Financing For Kaufman Organization's Manhattan Assets

234 5th Avenue, 119 West 24th Street, 13 West 27th Street, 19 West 24th Street & 45 West 27th Street

$120,000,000

$66/SF

Building Size

1,812,995 SF

Asset Type

Note / Loan

Closing

Apr 9, 2025

AI

The transaction involves a note sale secured by a leasehold mortgage that is cross-collateralized across five office and retail buildings located at 234 5th Avenue, 119 West 24th Street, 13 West 27th Street, 19 West 24th Street, and 45 West 27th Street in Manhattan, totaling 362,599 square feet. The loan amount for this transaction is $120,000,000.

Summary of transaction details:

Property Type: Note Sale
Transaction Amount: $120,000,000
Lender: Sammy Hakimian, Michael Hakimian & Daniel Nadri - Hakimian Capital
Landlord: Kaufman Organization
Loan Type: Note purchase

Hakimian Capital successfully provided note-on-note financing, facilitating the discounted purchase of a non-performing loan. The transaction was completed in less than 10 days, indicating swift execution by the involved parties.

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