Sabet Group borrows $13M from Signature Bank for property in West Village

Alfred Sabetfard’s Sabet Group through the entity 321 W 11 St. LLC as borrower signed a loan agreement with lender Signature Bank valued at $12.8 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 18 residential units at 321 West 11th Street in West Village. The deal closed on April 13, 2020 and was recorded on April 21, 2020.
The property contains a total of 10,400 square feet of built space.
The average loan per unit is $711,111.
The debt was doubled from $6.8 million provided in September 2017. The last time the property sold was September 7, 2017, for $11,625,000.

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $894,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link