Sabet Group pays $7.9M for rental in Gramercy

The Sabet Group through the entity 332 E 19 Street Holdings LLC paid $7.9 million to Milton Merl & Associates through the entity 1463 Boston Road Corp. for the 24-unit rental (C1) at 332 East 19th Street in Gramercy, Manhattan.
The deal closed on June 1, 2021 and was recorded on June 15, 2021.
The property has 13,992 square feet of built space and 0 square feet of additional air rights for a total buildable of 11,040 square feet according to PincusCo analysis of city data. The sale price per built square foot is $564 per the PincusCo analysis.
The signatory for Milton Merl & Associates was Milton Merl. The signatory for Sabet Group was Alfred Sabetfard.

The former owners according to the Department of Housing Preservation and Development included Milton Merl, head officer and Howard Merl, officer. The business entity was 1463 Boston Road Corp.
Within a 400-foot radius of 332 East 19th Street, PincusCo identified four commercial real estate items of interests that occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on May 14, 2020 for the $514,430 renovation of the R-3 building with two residential units at 322 East 18th Street.
One of those four items was a sale which Yehuda Mor’s Minrav Development bought the development site (V1) on 305 First Avenue and three other properties for $28.5 million from CIM Group on February 11, 2020.
Of those four items, two were loans above $5 million totaling $23.9 million. The most recent of the two was Minrav Development which borrowed $18.3 million from Bank Leumi Usa secured by the development site (V1) on 305 First Avenue and three other properties on February 11, 2020.

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