Sabet Group pays $8.6M to Birchwood Properties for 28-unit walkup in East Village

Sabet Group through the entity 208 E 7 Street LLC paid $8.6 million to Birchwood Properties through the entity 208-10 East 7th LLC for the 28-unit residential walkup building (C7) at 208 East 7th Street in the East Village, Manhattan. The expected use is cash flowing.
The deal closed on March 9, 2026 and was recorded on March 12, 2026. The property has 19,418 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $442 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 September 1, 2011, for $11 million. The signatory for Birchwood Properties was Robert Spitalnick . The signatory for Sabet Group was Leor Sabetfard . The contract date was December 8, 2025.

Transaction Participants

Attorney Sander Srulowitz of Sonnenschein, Sherman & Deutsch, LLP participated in the transaction on behalf of the buyer Sabet Group.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased 14 properties in 13 transactions for a total of $97.7 million and has no record it sold any properties over the past 24 months.
The seller Birchwood Properties had not purchased any other properties and sold two properties in two transactions for a total of $10 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Spitalnick, head officer and Karen Spitalnick, officer. The business entity is 208-10 East 7th Llc. The 19,418-square-foot property generated revenue of $1.1 million or $57 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 28 residential units in Alphabet City has 19,418 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 90 feet deep with a total lot size of 4,544 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 $5.3 million. The property has 8 rent regulated units according to city tax records from 2024.

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 $80 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 13 of the 25 commercial properties representing 228,275 square feet of the 328,572 square feet. The largest owner is Paul Stallings, followed by New York City Housing Authority and then Sassouni Management.
On the tax block, there was one new building construction project filed totaling 9,064 square feet. It is a 10-unit, 9,064 square-foot residential (R-2) building submitted by Coltown Properties and filed by Jonathan Weinberger with plans filed November 28, 2025 and it has not been permitted yet.

The majority, or 52 percent of the 328,572 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The seller

The PincusCo database currently indicates that Birchwood Properties owned at least three commercial properties with 47 residential units in New York City with 27,234 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 55 commercial properties with 915 residential units in New York City with 788,834 square feet and a city-determined market value of $241.3 million. (Market value is typically about 50% of actual value.) The portfolio has $523.1 million in debt, with top three lenders as Signature Bank, Citibank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 62 percent of the 788,834 square feet of built space are walkup properties, with hotel properties next occupying 17 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link