Sabet Group through the entity 504-508 E 12 Street LLC paid $19.5 million to Kushner Companies through the entity Village KF 504 East 12th LLC for the 28-unit residential walkup building (C7) at 504 East 12th Street in Alphabet City, Manhattan and 28-unit residential walkup building (C7) at 508 East 12th Street in Alphabet City, Manhattan.
The deal closed on November 8, 2023 and was recorded on November 13, 2023. The two properties have 30,856 square feet of built space and 154 square feet of additional air rights for a total buildable of 30,976 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $631 and the price per buildable 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 Kushner Companies was Matthew Burrows. The signatory for Sabet Group was Alfred Sabetfard. The contract date was August 10, 2023.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 504 East 12th Street.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased six properties in five transactions for a total of $54 million and has no record it sold any properties over the past 24 months.
The seller Kushner Companies had not purchased any other properties and sold four properties in four transactions for a total of $63.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tara Dexter, head officer and Ruben Sepulveda, site manager. The business entity is Village Kf 504 East 12th Llc.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 14 housing violations and $2,160 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On the tax block of 504 East 12th Street, PincusCo has identified the owners of 12 of the 23 commercial properties representing 143,149 square feet of the 278,806 square feet. The largest owner is Peter Herrick, followed by New York City Department Of Housing Preservation And Development and then Neighborhood Restore.
There are no active new building construction projects on this tax block.
The majority, or 65 percent of the 278,806 square feet of built space are walkup buildings, with elevator buildings next occupying 35 percent of the space.
The PincusCo database currently indicates that Kushner Companies owned at least 52 commercial properties with 917 residential units in New York City with 531,922 square feet and a city-determined market value of $210.1 million. (Market value is typically about 50% of actual value.) The portfolio has $565.9 million in debt, with top three lenders as AIG, Citibank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 89 percent of the 531,922 square feet of built space are walkup properties, with elevator properties next occupying 8 percent of the space. The bulk, or 91 percent of the built space, is in Manhattan, with Brooklyn next at 9 percent of the space.
The PincusCo database currently indicates that Sabet Group owned at least 38 commercial properties with 619 residential units in New York City with 581,410 square feet and a city-determined market value of $169.2 million. (Market value is typically about 50% of actual value.) The portfolio has $372.8 million in debt, with top three lenders as Signature Bank, Citibank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 61 percent of the 581,410 square feet of built space are walkup properties, with hotel properties next occupying 23 percent of the space. They are all located in Manhattan.
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