Sabet Group pays $5M for 8-unit walkup in East Village, 3rd buy this year

Alfred Sabetfard’s Sabet Group through the entity 216 E 6 Street LLC paid $5 million to Desiree Kelly through the entity Kellyco LLC for the eight-unit residential walkup building (C7) at 216 East 6th Street in East Village, Manhattan.
The deal closed on May 9, 2024 and was recorded on May 15, 2024. The property has 8,840 square feet of built space and 848 square feet of additional air rights for a total buildable of 9,696 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $565 and the price per buildable square foot is $515 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 Desiree Kelly was Desiree Kelly. The signatory for Sabet Group was Alfred Sabetfard. The contract date was April 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased eight properties in six transactions for a total of $65.8 million and has no record it sold any properties over the past 24 months.
The seller Desiree Kelly had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Desiree Kelly, head officer. The business entity is Kellyco, Llc.

The property

The residential walkup building with 8 residential units in East Village has 8,840 square feet of built space and 848 square feet of additional air rights for a total buildable of 9,696 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 97 feet deep with a total lot size of 2,424 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 $5.2 million.

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 $100 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 25 of the 33 commercial properties representing 348,066 square feet of the 459,804 square feet. The largest owner is Son Dinh Tran, followed by Russell Cooper and then Mark Harounian.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 459,804 square feet of built space are walkup buildings, with hotel buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 42 commercial properties with 702 residential units in New York City with 640,625 square feet and a city-determined market value of $187.8 million. (Market value is typically about 50% of actual value.) The portfolio has $414.8 million in debt, with top three lenders as Signature Bank, Greystone & Co., and Citibank respectively. Within the portfolio, the bulk, or 60 percent of the 640,625 square feet of built space are walkup properties, with hotel properties next occupying 21 percent of the space. They are all located in Manhattan.

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