Sabet Group pays $4.5M for 18-unit walkup in Lower East Side

Sabet Group through the entity 176 Stanton St Holdings LLC paid $4.5 million to Chana Berkowitz through the entity 176 Stanton Street LLC for the 18-unit residential walkup building (C7) at 176 Stanton Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on January 15, 2026 and was recorded on January 20, 2026. The property has 9,565 square feet of built space and 425 square feet of additional air rights for a total buildable of 10,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $470 and the price per buildable square foot is $450 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 Chana Berkowitz was Chana Berkowitz. The signatory for Sabet Group was Leor Sabetfard . The contract date was September 22, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased 14 properties in 13 transactions for a total of $97.7 million and has no record it sold any properties over the past 24 months.
The seller Chana Berkowitz had not purchased any other properties and sold one property in one transaction for a total of $2.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Avram Weisberg, head officer and Chana Berkowitz, officer. The business entity is 176 Stanton Street Llc. The 9,565-square-foot property generated revenue of $414,239 or $43 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in Lower East Side has 9,565 square feet of built space and 425 square feet of additional air rights for a total buildable of 10,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million. The property has 8 rent regulated units according to city tax records from 2024.

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 $50 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 15 of the 43 commercial properties representing 162,690 square feet of the 447,591 square feet. The largest owner is Hilson Management, followed by Targo Capital Partners and then Gilman Management.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 447,591 square feet of built space are walkup buildings, with elevator buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 55 commercial properties with 915 residential units in New York City with 788,834 square feet and a city-determined market value of $241.3 million. (Market value is typically about 50% of actual value.) The portfolio has $500.3 million in debt, with top three lenders as Signature Bank, Citibank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 62 percent of the 788,834 square feet of built space are walkup properties, with hotel properties next occupying 17 percent of the space. They are all located in Manhattan.

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