Sabet Group pays $16.3M to Abro for 44-unit rental in Gramercy

Alfred Sabetfard’s Sabet Group through the entity 140 E 17 Street LLC paid $16.3 million to Abro Management through the entity R.A.S. Realty LLC for the 44-unit residential elevator building (D1) at 140 East 17th Street in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on December 12, 2024 and was recorded on December 13, 2024. The property has 29,796 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $547 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 Abro Management was Richard Scharf. The signatory for Sabet Group was Alfred Sabetfard. The contract date was July 12, 2024.
Abro Management bought the building in March 2007 for $15.4 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased nine properties in seven transactions for a total of $60.6 million and has no record it sold any properties over the past 24 months.
The seller Abro Management had not purchased any other properties and sold three properties in three transactions for a total of $19.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Martin Scharf, head officer and Richard Scharf, officer. The business entity is Ras Realty Llc.

The property

The residential elevator building with 44 residential units in Gramercy has 29,796 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 78 feet and is 92 feet deep with a total lot size of 7,260 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7 million. The most recent loan totaled $8.2 million and was provided by New York Community Bank on August 1, 2021. The property has 18 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $4,710 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 14 of the 17 commercial properties representing 1,075,237 square feet of the 1,147,870 square feet. The largest owner is Gould Investors, followed by Solil Management and then Noah Osnos.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 1.1 million square feet of built space are specialty buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Abro Management owned at least 47 commercial properties with 2,648 residential units in New York City with 2,578,787 square feet and a city-determined market value of $330.7 million. (Market value is typically about 50% of actual value.) The portfolio has $173.9 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Northfield Bank respectively. Within the portfolio, the bulk, or 94 percent of the 2,578,787 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 44 commercial properties with 716 residential units in New York City with 654,593 square feet and a city-determined market value of $196.2 million. (Market value is typically about 50% of actual value.) The portfolio has $424.3 million in debt, with top three lenders as Signature Bank, Greystone & Co., and Citibank respectively. Within the portfolio, the bulk, or 61 percent of the 654,593 square feet of built space are walkup properties, with hotel properties next occupying 20 percent of the space. They are all located in Manhattan.

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