Sabet Group signs $12.3M refi loan with Signature Bank for 22-unit rental in West Village

Sabet Group through the entity 220 W 13 Street LLC as borrower signed a refi loan with lender Signature Bank valued at $12.3 million for the 22-unit residential elevator building (D7) at 220 West 13th Street in West Village, Manhattan.
The deal closed on July 22, 2022 and was recorded on July 28, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $6.8 million. The property has 13,662 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $900 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 owner bought the property on January 16, 2020, for $9.9 million. The signatory for Sabet Group was Alfred Sabetfard.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Peter Tran, head officer. The business entity is 220 W 13 Street Llc. The 13,662-square-foot property generated revenue of $637,568 or $47 per square foot, according to the most recent income and expense figures.

The property

The 220 West 13th Street parcel has frontage of 40 feet and is 89 feet deep with a total lot size of 3,315 square feet. The lot is irregular. The zoning is C1-6 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $3.5 million.The most recent loan totaled $6.8 million and was provided by Signature Bank on January 16, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one housing violation and $250 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 15 commercial properties representing 106,458 square feet of the 301,690 square feet. The largest owner is Charles Alpert (271), followed by Gatsby Enterprises and then Mark Harounian. There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 301,690 square feet of built space are specialty buildings, with elevator buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Sabet Group owned at least 29 commercial properties in New York City with 460,908 square feet and a city-determined market value of $120.4 million. (Market value is typically about 50% of actual value.) The portfolio has $238.2 million in debt, with top three lenders as Signature Bank, Citibank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 55 percent of the 460,908 square feet of built space are walkup properties, with hotel properties next occupying 29 percent of the space. They are all located in Manhattan.

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