Sioni Group buys $3.5M note secured an 8-unit rental in Alphabet City

Sioni Group through the entity Sioni Group LLC bought a note with an original principal of $3.5 million from Dime Community Bank secured by Philip Cacciatore’s eight-unit rental (C4) at 528 East 5th Street in Alphabet City, Manhattan.
The deal closed on August 25, 2021 and was recorded on November 3, 2021.
The property has 5,340 square feet of built space and 241 square feet of additional air rights for a total buildable of 5,577 square feet according to PincusCo analysis of city data. (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 owners according to the Department of Housing Preservation and Development includes Philip Cacciatore, joint owner and Josephine Cacciatore, joint owner.
Within a 400-foot radius of 528 East 5th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 8, 2021 for the $843,771.0 renovation of 6,648-square-foot R-2 building with 15 residential units at 207 East 4th Street.
Of those three items, two were loans above $5 million totaling $59.4 million. The most recent of the two was Abraham Marin which borrowed $14.3 million from Santander Bank secured by the 16,344-square-foot, 24-unit rental (C7) on 536 East 5th Street and one other property on January 30, 2020.

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