Sabet Group signs $22.8M refi for two walkups in Alphabet City

Sabet Group through the entity 504-508 E 12 Street LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $22.8 million for two residential walkup properties with 56 residential units including the 28-unit residential walkup building (C7) at 504 East 12th Street and the 28-unit residential walkup building (C7) at 508 East 12th Street in Alphabet City, Manhattan.
The deal closed on December 23, 2025 and was recorded on January 6, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $14.2 million.The two properties have 30,856 square feet of built space and 154 square feet of additional air rights for a total buildable of 30,976 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $738 and the price per buildable square foot is $736 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 Sabet Group was Alfred Sabetfard . The signatory for JPMorgan Chase was Ursula Flores .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 504 East 12th Street.

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Peter Tran, head officer. The business entity is 504-508 E 12 Street Llc.

The property

The residential walkup building with 28 residential units in Alphabet City has 30,856 square feet of built space and 154 square feet of additional air rights for a total buildable of 30,976 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 103 feet deep with a total lot size of 3,872 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6 million. The property has 7 rent regulated units according to city tax records from 2024.

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 received $5,000 in ECB penalties, 73 housing violations, and $7,230 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 block

On the tax block of 504 East 12th Street, 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 borrower

The PincusCo database currently indicates that Sabet Group owned at least 55 commercial properties with 915 residential units in New York City with 788,834 square feet and a city-determined market value of $241.3 million. (Market value is typically about 50% of actual value.) The portfolio has $500.3 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 788,834 square feet of built space are walkup properties, with hotel properties next occupying 17 percent of the space. They are all located in Manhattan.

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