Sabet Group pays $6.5M for rental in Alphabet City

Sabet Group through the entity 215 E 3 Street LLC paid $6.5 million to JS Carriage Realty LLC for the eight-unit rental (D7) at 215 East 3rd Street in Alphabet City, Manhattan.
The deal closed on November 10, 2021 and was recorded on November 19, 2021.
The property has 9,660 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $672 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 seller bought the property on August 21, 2013, for $5.4 million.
The signatory for Sabet Group was Alfred Sabetfard.

The owners according to the Department of Housing Preservation and Development includes Steven Oved, head officer and Jane Lam, head officer. The business entity is Js Carriage Realty Llc.
Within a 400-foot radius of 215 East 3rd Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on November 26, 2019 for a 20,928-square-foot R-2 building with 20 residential units at 238 East 3rd Street.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $2.5 million. The most recent of these two items was the permit on September 28, 2020 for a 8,251-square-foot R-2 building with seven residential units at 21 Avenue B.
One of those seven items was a sale which City Skyline Realty bought the 17,754-square-foot, 29-unit rental (C1) on 233 East 3rd Street for $7.5 million from Winston Barrow on June 22, 2021.
Of those seven items, three were loans above $5 million totaling $32.3 million. The most recent of the three was City Skyline Realty which borrowed $5.5 million from ConnectOne Bank secured by the 17,754-square-foot, 29-unit rental (C1) on 233 East 3rd Street on June 22, 2021.

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