Sabet Group pays $4.3M for 10-unit walkup in Alphabet City

Sabet Group through the entity 502 E 12 St Holdings LLC paid $4.3 million to Norma Herrick through the entity Herrick 502 LLC for the 10-unit residential walkup building (C4) at 502 East 12th Street in Alphabet City, Manhattan. The expected use is cash flowing.
The deal closed on April 29, 2026 and was recorded on April 30, 2026. The property has 6,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $678 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 Norma Herrick was Norma Herrick. The signatory for Sabet Group was Alfred Sabetfard . The contract date was January 26, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Sabet Group purchased 18 properties in 17 transactions for a total of $116.3 million and has no record it sold any properties over the past 24 months.
The seller Norma Herrick 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 Norma Herrick, head officer and Mike Velez, site manager. The business entity is Herrick 502 Llc.

The property

The residential walkup building with 10 residential units in Alphabet City has 6,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 51 feet deep with a total lot size of 1,449 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 $3.7 million. The property has 4 rent regulated units according to city tax records from 2024.

Transaction Participants

Sander Srulowitz at Sonnenschein, Sherman & Deutsch, 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 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.

The block

On this tax block, PincusCo has identified the owners of 12 of the 23 commercial properties representing 143,149 square feet of the 278,806 square feet. The largest owner is Sabet Group, followed by Kambiz Hakim and then Madison Realty Capital.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 278,806 square feet of built space are walkup buildings, with elevator buildings next occupying 35 percent of the space.

The buyer

The PincusCo database currently indicates that Sabet Group owned at least 59 commercial properties with 976 residential units in New York City with 827,726 square feet and a PincusCo-determined asset value of $728.1 million. 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 62 percent of the 827,726 square feet of built space are walkup properties, with hotel properties next occupying 16 percent of the space.

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