Namdar Realty Group bought a note with an original principal of $11.5 million from City Urban Realty secured by Sassan Sassouni and Nejatollah Sassouni’s 10-unit residential walkup building at 158 First Avenue in East Village, Manhattan, 11-unit residential walkup building at 219 Avenue A in East Village, Manhattan, and 15-unit residential walkup building at 324 East 14th Street in East Village, Manhattan.
The deal closed on January 28, 2022 and was recorded on February 24, 2022. The prior lender was City Urban Realty which held debt that had an original loan amount of $11.5 million.
The four properties have 26,465 square feet of built space and 8,782 square feet of additional air rights for a total buildable of 34,600 square feet according to PincusCo analysis of city data.
The four properties with a total of 26,465 square feet of built space generated revenue of $1.4 million per year or $52 per square foot.
To finance the loan purchase, Namdar borrowed an undisclosed amount from Northeast Bank and collaterally assigned an interest to the bank. The signatory for Namdar was Igal Namdar.
In the East Village, the bulk, or 35 percent of the 19.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 27 percent of the space. In sales, East Village has 2.1 times the average sales volume among other neighborhoods with $593.6 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 152,634 square feet of commercial and multi-family construction under development in the last two years, which represents 0.79 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 64 percent of the 372,924 square feet of built space are residential walkup buildings, with specialty buildings next occupying 18 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Sassan Sassouni, head officer and Nejatollah Sassouni, shareholder. The business entity is 158 Ave Anyl Llc.
Within a 400-foot radius of 158 First Avenue, PincusCo identified 24 commercial real estate items of interests occurred over the past 24 months.
Of those 24 items, seven were sales above $5 million totaling $68.1 million. The most recent of the seven was Sabet Group which bought the 19,464-square-foot, 37-unit rental (C7) on 280 East 10th Street for $12.2 million from Ramer & Saperstein on February 10, 2022.
Of those 24 items, 17 were loans above $5 million totaling $426.3 million. The most recent of the 17 was Sabet Group which borrowed $8.9 million from Dime Community Bank secured by the 19,464-square-foot, 37-unit rental (C7) on 280 East 10th Street on February 10, 2022.
Direct link to Acris document. link