Sabet Group through the entity 236 E 5 Street LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $21.3 million for the 30-unit residential walkup building (C1) at 236 East 5th Street in East Village, Manhattan.
The deal closed on February 2, 2023 and was recorded on February 3, 2023. The prior lender was First Republic Bank which held debt that had an original loan amount of $12.9 million.The property has 25,002 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $852 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 31, 2019, for $23.2 million. The signatory for Sabet Group was Alfred Sabetfard. The signatory for Greystone & Co. was N. Tyler Darby.
Prior sales and revenue
The owner according to the Department of Housing Preservation and Development is Peter Tran, head officer. The business entity is 236 E 5 Street Llc. The 25,002-square-foot property generated revenue of $1.5 million or $61 per square foot, according to the most recent income and expense figures.
The 236 East 5th Street parcel has frontage of 63 feet and is 96 feet deep with a total lot size of 6,059 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the East Village / Lower East Side Historic District. The city-designated market value for the property in 2022 is $8 million.
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 two DOB violations, $12,700 in ECB penalties, 20 housing violations, and $13,250 in OATH penalties in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
On this tax block, PincusCo has identified the owners of eight of the 30 commercial properties representing 82,677 square feet of the 386,018 square feet. The largest owner is Sabet Group, followed by Ranger Management and then Nejatollah Sassouni.
there are no active new building construction projects on this tax block.
the majority, or 54 percent of the 379,818 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.
The PincusCo database currently indicates that Sabet Group owned at least 33 commercial properties in New York City with 519,785 square feet and a city-determined market value of $139.4 million. (Market value is typically about 50% of actual value.) The portfolio has $328.3 million in debt, with top three lenders as Signature Bank, Citibank, and Dime Community Bank respectively. Within the portfolio, the bulk, or 57 percent of the 519,785 square feet of built space are walkup properties, with hotel properties next occupying 26 percent of the space. They are all located in Manhattan.
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