Sabet Group pays $6.3M for 8-unit walkup in Greenwich Village

Sabet Group through the entity 216 Thompson Street LLC paid $6.3 million to Shin Y. Yen, Tze Hao Yen, and Yu Chen Lin through the entity SV Thompson St Associates LLC for the eight-unit residential walkup building (C5) at 216 Thompson Street in Greenwich Village, Manhattan. The expected use is cash flowing.
The deal closed on March 18, 2025 and was recorded on March 19, 2025. The property has 7,600 square feet of built space and 1,000 square feet of additional air rights for a total buildable of 8,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $828 and the price per buildable square foot is $732 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 Shin Y. Yen, Tze Hao Yen, and Yu Chen Lin was John M. Crane. The signatory for Sabet Group was Alfred Sabetfard . The contract date was December 10, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased 12 properties in 10 transactions for a total of $102.6 million and has no record it sold any properties over the past 24 months.
The seller Shin Y. Yen had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tze Hao Yen, joint owner and Yu Chen Lin, joint owner.  The 7,600-square-foot property generated revenue of $371,260 or $49 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Greenwich Village has 7,600 square feet of built space and 1,000 square feet of additional air rights for a total buildable of 8,600 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 R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the South Village Historic District. The city-designated market value for the property in 2022 is $6 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 $1,400 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 10 of the 17 commercial properties representing 143,757 square feet of the 192,196 square feet. The largest owner is Time Equities, followed by Jeffrey Hiller and then Friedman Management.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 192,196 square feet of built space are walkup buildings, with mixed-use buildings next occupying 14 percent of the space.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 46 commercial properties with 798 residential units in New York City with 703,063 square feet and a city-determined market value of $208 million. (Market value is typically about 50% of actual value.) The portfolio has $465.1 million in debt, with top three lenders as Signature Bank, Citibank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 59 percent of the 703,063 square feet of built space are walkup properties, with hotel properties next occupying 19 percent of the space. They are all located in Manhattan.

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