Sabet Management borrows $70.3M from Signature Bank for property in Nomad

Sabet Management through the entity 1234 Broadway LLC as borrower signed a loan agreement with lender Signature Bank valued at $70.3 million for 1 parcel, including the tax class SRO- 1 or 2 people housed in individual rooms in multiple dwelling affordable housing (HR) at 1226 Broadway in Nomad. The deal closed on October 10, 2020 and was recorded on December 10, 2020.
The property contains a total of 133,394 square feet of built space. The property has 133,394 square feet of available development rights. The signatory for the borrower was Alfred Sabetfard and for the lender was Aaron Greene.
The average loan per buildable square foot is $527.
The last time the property sold was April 22, 2004 for $18,950,000.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $258,020.

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