Sabet Group pays $6.7M for two walkups in Midtown East

Sabet Group through the entity 1055-57 Second Ave LLC paid $6.7 million to Stella Sklias and Kristianne Bishop through the entity 1055-1057 Second Avenue LLC for the 12-unit residential walkup building (C7) at 1057 2nd Avenue in Midtown East, Manhattan and 12-unit residential walkup building (C7) at 1055 2nd Avenue in Midtown East, Manhattan. The expected use is cash flowing.
The deal closed on November 17, 2025 and was recorded on December 2, 2025. The two properties have 13,345 square feet of built space and 36,733 square feet of additional air rights for a total buildable of 50,080 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $502 and the price per buildable square foot is $133 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 Stella Sklias and Kristianne Bishop was Stella Sklias and Kristianne Bishop. The signatory for Sabet Group was Leor Sabetfard . The contract date was January 14, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased 12 properties in 12 transactions for a total of $91 million and has no record it sold any properties over the past 24 months.
The seller Stella Sklias 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 Stella Sklias, head officer and John Rapp, officer. The business entities are Junction Management and 1055-1057 Second Avenue, Llc. The two properties with a total of 13,345 square feet of built space generated revenue of $829,273 per year or $62 per square foot. The sale price per square foot was $502.

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 two DOB violations, $6,250 in ECB penalties, two housing violations, and $7,000 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 the tax block of 1057 2nd Avenue, PincusCo has identified the owners of six of the 12 commercial properties representing 1,357,009 square feet of the 1,415,768 square feet. The largest owner is Sl Green Realty, followed by Stella Sklias and then John Rapp.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 1.4 million square feet of built space are office buildings, with walkup buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Stella Sklias owned at least two commercial properties with 12 residential units in New York City with 16,000 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $7.1 million in debt, borrowed from Dime Community Bank. Within the portfolio, the bulk, or 63 percent of the 16,000 square feet of built space are retail properties, with walkup properties next occupying 38 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 53 commercial properties with 891 residential units in New York City with 775,489 square feet and a city-determined market value of $237.2 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 61 percent of the 775,489 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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