Sabet Group signs $19.2M refi with Citibank for two walkups in Manhattan

Sabet Group through the entity 35 Crosby Street LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $19.2 million for two residential walkup buildings including the 12-unit residential walkup building at 35 Crosby Street in Little Italy, Manhattan and 10-unit residential walkup building at 70 Carmine Street in Greenwich Village, Manhattan.
The deal closed on January 19, 2022 and was recorded on February 2, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $10.3 million.
The two properties have 14,285 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,347 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 Sabet Group was Alfred Sabetfard. The signatory for Citibank was Tina Lin.
The two properties with a total of 14,285 square feet of built space generated revenue of $959,989 per year or $67 per square foot.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $626,300. One of the projects were to change the number of residential units from 0 to 7.
In Little Italy, the bulk, or 31 percent of the 4.4 million square feet of built space are office buildings, with residential walkup buildings next occupying 24 percent of the space. In sales, Little Italy has had very little sales volume relative to other neighborhoods with $174.7 million in sales volume in the last two years. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 82,921 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 31 percent of the 503,649 square feet of built space are office buildings, with residential elevator buildings next occupying 25 percent of the space.
The owner according to the Department of Housing Preservation and Development is Peter Tran, head officer. The business entity is 35 Crosby Street LLC.
Within a 400-foot radius of 35 Crosby Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on July 10, 2020 for the $695,000 renovation of 33,841-square-foot M building with no residential units at 462 Broadway.
Of those 10 items, five were sales above $5 million totaling $130.2 million. The most recent of the five was KPG Funds and LaSalle Investment Management which bought the 55,015-square-foot, two-unit mixed-use building (K4) on 478 Broadway for $17.1 million from Vornado Realty Trust on January 31, 2022.
Of those 10 items, four were loans above $5 million totaling $188.7 million. The most recent of the four was KPG Funds which borrowed $15.7 million from Callodine Thorofare secured by the 55,015-square-foot, two-unit mixed-use building (K4) on 478 Broadway on January 31, 2022.

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