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Hakimian Capital Provides $13 Million Loan For 534 West 29th Street Multifamily Purchase In Chelsea

Property Image
FINANCED
$13,000,000
Daniel Nadri
Michael Hakimian
SH

New York

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Note / Loan13,427 SF
Financed 07/25/2025
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Property Image
FINANCED

Hakimian Capital Provides $13 Million Loan For 534 West 29th Street Multifamily Purchase In Chelsea

534 West 29th Street

See Similar Deals
Note / Loan13,427 SF
Financed 07/25/2025
Daniel Nadri
Michael Hakimian
SH
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Note / Loan
Price Per Square Foot:$968
Total Square Footage:13,427 SF
Transaction Type:Loan

The asset involved in this transaction is a multifamily property located at 534 West 29th Street in Chelsea, Manhattan. The building has a total square footage of 13,427. The transaction is a note purchase with a loan amount of $13,000,000.

Summary of transaction details:

This deal features key individuals including Michael Hakimian, Sammy Hakimian, and Daniel Nadri, who are all representatives from Hakimian Capital. The financing provided was for the purchase of a non-performing first mortgage loan secured by a newly constructed 9-story luxury residential condominium building.

Players

Daniel Nadri
Hakimian Capital
Daniel Nadri
13 deals$232.9M volume
LENDER
Michael Hakimian
Hakimian Capital
Michael Hakimian
15 deals$265.9M volume
LENDER
SH
Hakimian Capital
Sammy Hakimian
13 deals$247.4M volume
LENDER
Hakimian Capital
Hakimian Capital
LENDER

Details

FINANCED
IMAGE: Sammy Hakimian, Michael Hakimian & Daniel Nadri DATE: 7/25/2025 ADDRESS: 534 West 29th Street MARKET: Chelsea, Manhattan ASSET TYPE: Multifamily ~ SF: 13,427 LENDER: Michael Hakimian (@MichaelHakimian), Sammy Hakimian (@SammyHak) & Daniel Nadri - Hakimian Capital (@HakimianCapital) LANDLORD: Oded Norman - W29 534 Highline Owners LOAN AMOUNT: $13,000,000 LOAN TYPE: Note purchase NOTE FROM LENDER: Hakimian Capital provided note-on-note financing for the purchase of a non-performing first mortgage loan secured by a newly constructed 9-story luxury residential condominium building.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$13,000,000.00

Monthly NOI$86,666.67
Monthly Debt Service$82,168.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00