The Sabet Group Acquires Multifamily Building In Manhattan For $13.3M

The multifamily property located at 310-312 East 35th Street in Manhattan has been sold for $13,300,000. The transaction took place on 06/27/2022. The building has a total square footage of 19,025, resulting in a price per square foot of $699. It consists of 40 studio apartments and includes a community facility space on the ground floor. The property was delivered vacant and in need of renovation. It has been unoccupied since 2018 when the Postgraduate Center for Mental Health, a nonprofit outpatient housing provider for individuals with mental illness, vacated the premises.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $13,300,000
• Address: 310-312 East 35th Street
• Market: Manhattan

The buyer of the property is The Sabet Group, represented by Leor Sabet. The seller of the property is Mark & Stephen Perlbinder. The seller's representatives in the deal were John Ciraulo, Craig Waggner, and Mike Kavanagh from Cushman & Wakefield, along with James McGale. The building, located on the corner of East 35th Street and the Midtown Tunnel Approach Road, features an elevator and had been vacant since the departure of the Postgraduate Center for Mental Health. It was purchased by The Sabet Group for $13,300,000, with each studio apartment priced at $332,500.