Gorjian Real Estate Group pays $3.3M to Alfa Development for two retail condos in Nolita

Gorjian Real Estate Group through the entity GG 199 Mott LLC paid $3.3 million to Alfa Development through the entity First Mott LLC for two retail condominium units at 197-199 Mott Street in Nolita, Manhattan. The expected use is cash flowing.
The deal closed on December 10, 2025 and was recorded on December 30, 2025. The two properties have 6,160 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $531 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Alfa Development was Allen Schifino . The signatory for Gorjian Real Estate Group was Cobby Gorjian . The contract date was September 11, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Gorjian Real Estate Group purchased four properties in four transactions for a total of $22.4 million and has no record it sold any properties over the past 24 months.
The seller Alfa Development had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condos in Nolita has 6,160 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,241 square feet. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by FIRST MOTT LLC to create 11 residential units and 2 commercial units in a building at 197-199 Mott Street in Nolita, Manhattan, called 199 Mott Street Condominium that has a $58.7 million sellout, according to an September 27, 2013 submission to the New York State Attorney General. The principal of the sponsor, FIRST MOTT LLC, was Michael Namer.

The neighborhood

In Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has the 38th highest sale turnover among other neighborhoods in Manhattan with $87.3 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 472,258 square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On the tax block of 197-199 Mott Street, PincusCo has identified the owners of six of the 13 commercial properties representing 86,488 square feet of the 174,734 square feet. The largest owner is Dalan Real Estate, followed by Ivy Arce and then Kahen Properties.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 174,734 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Alfa Development owned at least one commercial property with nine residential units in New York City with 42,625 square feet and a city-determined market value of $10.9 million. (Market value is typically about 50% of actual value.) The portfolio has $11.7 million in debt, borrowed from Citibank. The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Gorjian Real Estate Group owned at least 13 commercial properties with 148 residential units in New York City with 276,192 square feet and a city-determined market value of $87.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 45 percent of the 276,192 square feet of built space are office properties, with walkup properties next occupying 36 percent of the space. They are all located in Manhattan.

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