Hakimian Capital Provides $13 Million Loan For 534 West 29th Street Multifamily Purchase In Chelsea
534 West 29th Street
$13,000,000
$968/SF
Building Size
13,427 SF
Asset Type
Note / Loan
Closing
Jul 24, 2025
About this deal
AI
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:
- Property Type: Multifamily
- Transaction Amount: $13,000,000
- Lender: Michael Hakimian, Sammy Hakimian & Daniel Nadri - Hakimian Capital
- Landlord: Oded Norman - W29 534 Highline Owners
- Loan Type: Note purchase
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
New York Note / Loan Market Snapshot
Boundary boundary · Note / Loan · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93