Sabet Group signs $19.1M in refi loans with Capital One for rentals in Manhattan
Sabet Group signed $19.1 million in refinance loans with Capital One for rentals in Manhattan in two separate transactions.
In the first, Sabet Group through the entity 124-26 W 25 Street LLC as borrower signed a refi loan with lender Capital One valued at $11.4 million for two rentals including the eight-unit rental (C7) at 126 West 25th Street in Chelsea, Manhattan and the nine-unit rental (C4) at 124 West 25th Street in Chelsea, Manhattan.
The deal closed on July 9, 2021 and was recorded on July 22, 2021.
The two properties have 20,630 square feet of built space and 28,739 square feet of additional air rights for a total buildable of 49,380 square feet according to PincusCo analysis of city data. The loan price per built square foot is $551 and the price per buildable square foot is $230 per the PincusCo analysis.
The signatory for Sabet Group was Alfred Sabetfard.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $189,064. One of the projects was to change the building from a RES to an R-2.
The owner according to the Department of Housing Preservation and Development is Peter Tran, head officer. The business entity is 124-26 W 25 Street Llc.
Within a 400-foot radius of 124 West 25th Street, PincusCo identified 16 commercial real estate items of interests occurred over the past 24 months.
Of those 16 items, three were in new building development. There were one new building permit application and two new building permits. The most recent of these three items was a permit on July 29, 2020 for a 126,733-square-foot R-1 building with 375 residential units at 113 West 24th Street.
Of those 16 items, five were sales above $5 million totaling $2.1 billion. The most recent of the five was All Purpose Music which bought one condo unit in the 6,600-square-foot, 14-unit mixed-use building (RC) on 137 West 25th Street for $6.0 million from Daniel Eskada on June 9, 2021.
Of those 16 items, eight were loans above $5 million totaling $474.9 million. The most recent of the eight was Mack Real Estate Credit Strategies which borrowed $300.0 million from UBSCM 2018-NYCH secured by the 42,012-square-foot, one-unit hotel (H3) on 108 West 24th Street and five other properties on June 14, 2021.
Direct link to Acris document. link
In the second, Sabet Group through the entity 120-22 W 25 Street LLC as borrower signed a refi loan with lender Capital One valued at $7.7 million for the eight-unit rental (C7) at 120 West 25th Street in Chelsea, Manhattan.
The deal closed on July 9, 2021 and was recorded on July 22, 2021.
The property has 16,920 square feet of built space and 24,067 square feet of additional air rights for a total buildable of 41,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $453 and the price per buildable square foot is $187 per the PincusCo analysis.
The owner bought the property on 10-Nov-10, for $5 million.
The signatory for Sabet Group was Alfred Sabetfard.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $101,900. One of the projects were to change the building from a RES to a R-2.
The owner according to the Department of Housing Preservation and Development is Peter Tran, head officer. The business entity is 120-22 W 25 Street Llc.
Within a 400-foot radius of 120 West 25th Street, PincusCo identified 16 commercial real estate items of interests occurred over the past 24 months.
Of those 16 items, three were in new building development. There were one new building permit application and two new building permits. The most recent of these three items was a permit on July 29, 2020 for a 126,733-square-foot hotel R-1 building with 375 units at 113 West 24th Street.
Of those 16 items, five were sales above $5 million totaling $2.1 billion. The most recent of the five was All Purpose Music which bought one condo unit in the 6,600-square-foot, 14-unit mixed-use building (RC) on 137 West 25th Street for $6.0 million from Daniel Eskada on June 9, 2021.
Of those 16 items, eight were loans above $5 million totaling $474.9 million. The most recent of the eight was Mack Real Estate Credit Strategies which borrowed $300 million from UBSCM 2018-NYCH secured by the 42,012-square-foot, one-unit hotel (H3) on 108 West 24th Street and five other properties on June 14, 2021.
Direct link to Acris document. link