Sabet Group pays $12.2M to Ramer & Saperstein for 33-unit walkup in East Village
Sabet Group through the entity 280 E 10 Street LLC paid $12.2 million to the real estate investment firm Ramer & Saperstein through the entity 280 East 10th St LLC for 33-unit residential walkup building at 280 East 10th Street in East Village, Manhattan.
The deal closed on February 3, 2022 and was recorded on February 10, 2022.
The property has 19,464 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $629 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Ramer & Saperstein was Michael Saperstein. The signatory for Sabet Group was Alfred Sabetfard.
Prior to this transaction, the buyer Sabet Group purchased three properties in three transactions for a total of $17.8 million and had not sold any properties over the past 24 months.
The seller Ramer & Saperstein had not purchased any other properties and had not sold any properties over the same time period.
The 19,464-square-foot property generated revenue of $770,373 or $40 per square foot, according to the most recent income and expense figures.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $290,000.
Ramer & Saperstein is, according to its website, is a “multi-generational, privately-held real estate investment firm headquartered in New York City focused on multifamily value-add investments, unsold co-op shares & condo units, and purchases of notes.”
In 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 former owners according to the Department of Housing Preservation and Development included Michael Saperstein, head officer and Edmund Lozano, site manager. The business entities were C/O Aj Clarke Re Corp and 280-10 Group.
Within a 400-foot radius of 280 East 10th Street, PincusCo identified 16 commercial real estate items of interests occurred over the past 24 months.
Of those 16 items, four were sales above $5 million totaling $34.9 million. The most recent of the four was Witnick Real Estate Partners which bought the 9,410-square-foot, 22-unit rental (C1) on 417 East 9th Street for $7 million from Jakobson Properties on December 29, 2021.
Of those 16 items, 12 were loans above $5 million totaling $377.7 million. The most recent of the 12 was Meadow Partners which borrowed $43.5 million from Fortress Investment Group secured by the 9,577-square-foot, nine-unit mixed-use building (S9) on 164 1st Avenue and 11 other properties on January 4, 2022.
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