Sabet Group Secures $19.9 Million Refinance Loan For Mixed-Use Property In SoHo
457 Broome Street & 459 Broome Street
$19,900,000
Building Size
—
Asset Type
Mixed-use
Closing
Jul 27, 2026
About this deal
AI
The asset involved in this transaction is a mixed-use property located at 457-459 Broome Street in SoHo, Manhattan. The property is part of a nine-unit building and secured a refinancing loan to address prior financial obligations.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $19,900,000
- Lender: Bruce Van Saun - Citizens Bank
- Landlord: Leor Sabet & Alfred Sabetfard - Sabet Group
- Prior Loan Amount: $14,500,000 from Israel Discount Bank
This refinancing was secured through 457 Broome St LLC, a subsidiary of Sabet Group, allowing them to replace the previous loan with Citizens Bank. The transaction emphasizes the strategic financial management by the landlords in enhancing their property portfolio.
On the Map
$19,900,000
Mixed-use
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Birome Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93