Updated Sep 4, 2026
Sabet Group Secures $16 Million Refinance Loan From Citibank For East Village Multifamily Properties
60 2nd Avenue, 62 2nd Avenue & 58 2nd Avenue
$16,000,000
$564/SF
Building Size
28,359 SF
Asset Type
MultiFamily
Closing
Aug 28, 2026
About this deal
AI
The asset involved in this transaction is a MultiFamily property located at 60-62 2nd Avenue and 58 2nd Avenue in the East Village, Manhattan. The property encompasses a total square footage of 28,359 and consists of 27 residential units. The transaction was completed with a refinancing loan amounting to $16,000,000 from Citibank.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $16,000,000
- Loan Date: 08/28/2026
- Address: 60-62 2nd Avenue & 58 2nd Avenue
- Market: East Village, Manhattan
- Landlord: Alfred Sabetfard
- Agency: Sabet Group
The refinancing was executed under the management of Citibank, facilitating the financial arrangement for the Sabet Group, which oversees the landlord, Alfred Sabetfard. This deal consolidates financial operations for the two properties related to the East Village market, with a total of 27 residential units being covered by the loan.
Players
Tall Timbers MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93