Sabet Group pays $3.2M for mixed-use in Alphabet City

Sabet Group through the entity 94 Ave C LLC paid $3.2 million to Rooben Heardoon through the entity L & R 94c LLC for the three-unit mixed-use building (S3) at 94 Avenue C in Alphabet City, Manhattan. The expected use is cash flowing.
The deal closed on April 15, 2026 and was recorded on April 16, 2026. The property has 3,962 square feet of built space and 754 square feet of additional air rights for a total buildable of 4,716 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $813 and the price per buildable square foot is $683 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 seller bought the property on May 3, 2007, for $1.8 million. The signatory for Rooben Heardoon was Rooben Heardoon. The signatory for Sabet Group was Alfred Sabetfard . The contract date was February 25, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased 17 properties in 16 transactions for a total of $113.1 million and has no record it sold any properties over the past 24 months.
The seller Rooben Heardoon had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rooben Heardoon, head officer and Lamaan Heardoon, shareholder. The business entity is L & R 94 C Llc.

The property

The mixed-use building with 3 residential units in Alphabet City has 3,962 square feet of built space and 754 square feet of additional air rights for a total buildable of 4,716 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 52 feet deep with a total lot size of 1,179 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million.

Transaction Participants

Sander Srulowitz at Sonnenschein, Sherman & Deutch, LLP participated in the transaction on behalf of the buyer.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $50 in OATH penalties 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.

The neighborhood

In Alphabet City, The majority, or 56 percent of the 13 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 32 percent of the space. In sales, Alphabet City has had very little sales volume relative to other neighborhoods with $231.1 million in sales volume in the last two years. For development, Alphabet City has had very little major development activity relative to other neighborhoods.It had 580,231 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were 61 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 19 commercial properties representing 53,688 square feet of the 229,132 square feet. The largest owner is Marko Gnann, followed by Slate Property Group and then Daniel Ilibassi.
On the tax block, there was one new building construction project filed totaling 8,146 square feet. It is a two-unit, 8,146 square-foot residential (R-3) building submitted by Wilco Faessen with plans filed September 15, 2017 and it has not been permitted yet.

The majority, or 60 percent of the 229,132 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 58 commercial properties with 973 residential units in New York City with 823,764 square feet and a city-determined market value of $252.1 million. (Market value is typically about 50% of actual value.) The portfolio has $529.5 million in debt, with top three lenders as Signature Bank, Citibank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 63 percent of the 823,764 square feet of built space are walkup properties, with hotel properties next occupying 16 percent of the space.

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