Sabet Group Acquires Multifamily Portfolio In Midtown East For $32.5 Million

The transaction involved three multifamily apartment buildings located at 234, 238, and 242 East 50th Street in the Midtown East market of Manhattan. The sale price for the properties amounted to $32,500,000, encompassing a total of 51,540 square feet across 69 units, resulting in a price per square foot of $631 and a price per unit of $471,014.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $32,500,000
• Buyer: Leor Sabetfard - Sabet Group
• Seller: Nader Ohebshalom - Gatsby Enterprises & Fred Ohebshalom - Empire Management
• Total Square Feet: 51,540
• Total Units: 69
• Price Per Square Foot: $631
• Price Per Unit: $471,014

The buyer, Leor Sabetfard, represents Sabet Group in this transaction, while the sellers, Nader Ohebshalom and Fred Ohebshalom, represent Gatsby Enterprises and Empire Management, respectively. The Sabet Group has plans to cash-flow the acquired properties following the completion of the deal.