Sabet Group Acquires Two Chelsea Walk-up Buildings For $15M

The Sabet Group, led by Alfred Sabetfard, has acquired two residential walk-up buildings in Chelsea, Manhattan. The properties, located at 224 8th Avenue and 228 8th Avenue, were purchased for a total of $15 million. Combined, the buildings offer 44 units and have a total square footage of 31,705. The price per unit for this transaction stands at $340,909, while the price per square foot is $473.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $15,000,000
• Buyer: Sabet Group - Alfred Sabetfard
• Seller: Sonia Jaye
• Units: 44
• Price per Unit: $340,909
• Square Footage: 31,705
• Price per Square Foot: $473

This acquisition highlights the active investment strategy of the Sabet Group in the Multifamily sector. With their extensive experience and expertise in the real estate industry, Alfred Sabetfard and his team continue to identify and capitalize on opportunities that align with their investment goals.