Turtle Bay Owner Sells Three E. 50th St. Buildings for $32.5M
The record shows one seller entity, one $32.5M deed and a decade-old $9.875M purchase. Crain's reports the buyer is tied to Leor Sabetfard.
A family-controlled seller sold three adjoining Turtle Bay buildings for $32.5 million, a deed recorded September 25, roughly ten years after the same three lots changed hands in a $9.875 million deed. Crain’s reports the buildings hold 67 rent-stabilized units and that the buyer is tied to Leor Sabetfard.
Why it matters
The deed, ACRIS document 2026092400390001, moves 242, 238 and 234 East 50th Street (block 1323, lots 30, 32 and 34) from N Astroid Realty LLC to 234-42 E 50 Street LLC. It is dated September 23 and was recorded two days later. Crain’s identifies the seller as the Ohebshalom family, and the record supports a long hold: the same lots went to N Astroid Realty LLC and its affiliate F Astroid Realty LLC in a deed recorded January 5, 2016 at $9.875 million. That is a hold of nearly ten years on the record, and a family hold ending is a rarer trade than a fund flip. The deed lists only LLCs, so the link to Sabetfard rests on Crain’s, not on the filing.
The numbers
The price is 3.3 times the 2016 price. On Crain’s count of 67 stabilized units, $32.5 million is about $485,000 per unit. Debt on these lots was heavy in the middle of the hold: a $20 million mortgage to The Dime Savings Bank of Williamsburgh followed the 2016 purchase, and an $18.04 million consolidation with Dime Community Bank was recorded June 23, 2021. No acquisition mortgage for the new buyer showed up in the live ACRIS pull, which can trail recordings by days. The public record does not show the rent rolls, so the price per unit says little about what the buyer underwrote.
What’s next
Watch ACRIS for a new mortgage and for satisfactions of the older Dime financing, which will show how the buyer funded the purchase. Rent-stabilized buildings at this price also put registration filings with the state housing agency in play once the new owner takes over. More on the borough’s deals is on the New York market page.
On the record
What we checked ourselves, and where you can check it too.
- Public recordThe deed (ACRIS 2026092400390001, CRFN 2026000275636, dated Sept. 23, recorded Sept. 25, 2026) conveys three Manhattan lots on block 1323, lots 30, 32 and 34 (242, 238 and 234 East 50th Street), from N Astroid Realty LLC to 234-42 E 50 Street LLC for $32,500,000.View the record on a836-acris.nyc.gov
- Public recordThe same three lots were conveyed by B Astroid Associates LLC to N Astroid Realty LLC and F Astroid Realty LLC for $9,875,000 in a deed recorded Jan. 5, 2016 (ACRIS 2015122300359001). A $20,000,000 mortgage to The Dime Savings Bank of Williamsburgh followed on Jan. 12, 2016, and a $18,041,750.33 Dime Community Bank consolidation was recorded June 23, 2021. The $32.5M price is 3.3 times the 2016 price.View the record on a836-acris.nyc.gov
- Our dataCrain's reports the three buildings hold 67 rent-stabilized units and that the buyer is tied to Leor Sabetfard. At 67 units the deed works out to about $485,000 per unit. Neither the unit count nor the buyer's principal appears on the deed, which names only the LLCs. No acquisition mortgage was on the record in the live ACRIS pull as of Sept. 29.View the record on a836-acris.nyc.gov
Sources
- NYC ACRIS, deed document 2026092400390001Deed, N Astroid Realty LLC to 234-42 E 50 Street LLC, $32,500,000, recorded Sept. 25, 2026
- NYC ACRIS, deed document 2015122300359001Deed, B Astroid Associates LLC to N Astroid Realty LLC and F Astroid Realty LLC, $9,875,000, recorded Jan. 5, 2016
- NYC ACRIS, mortgage document 2015122300389001Mortgage, $20,000,000, to The Dime Savings Bank of Williamsburgh, recorded Jan. 12, 2016