L: Rendering via SMA Equities, R: Construction of 255 East Houston Street taken Mar. 20 (CityRealty)
Remember that building that was destabilized way back when by the demolition of a neighboring structure? Well, it's about to come back to life as a 14- and 8-story rental with 88 units and a 4,171-square-foot community facility. The original crumbling structure was demolished in 2016 and now, it's replacement (rendering above) is four stories high.
According to the Commercial Observer, controversial owner and notorious LES landlord Samy Mahfar of SMA Equities received a $39.5M loan from Bank of Ozarks in December last year for the project, which is an L-shaped site with two addresses: 255 East Houston Street (main) and 171 Suffolk Street. CO also reported that the project is expected to be completed within 24 months. Previous permits for the site called for 10 stories and 53 apartments. Stephen B. Jacobs Group is the architect of record.
According to the Commercial Observer, controversial owner and notorious LES landlord Samy Mahfar of SMA Equities received a $39.5M loan from Bank of Ozarks in December last year for the project, which is an L-shaped site with two addresses: 255 East Houston Street (main) and 171 Suffolk Street. CO also reported that the project is expected to be completed within 24 months. Previous permits for the site called for 10 stories and 53 apartments. Stephen B. Jacobs Group is the architect of record.
255 East Houston Street is now four stories high (CityRealty)
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Updated zoning diagram for 255 East Houston
For a rental, 255 East Houston will have a ton of amenities, including a gym, lounge, yoga room, bike room, laundry room, storage, three outdoor terraces, a tenant lounge on the first floor, and another lounge on the roof. The bulk of the apartments will reside on floors 2-9.
In between the L-shaped site lies 265 East Houston Street – the building that started it all (aka the one that damaged 255 East Houston). Sales launched for that in June last year and while it was off to a rough start, the new development actually offers some pretty condos, two of which are currently in-contract. The remaining inventory starts at $1.95M.
265 East Houston condo interiors (Listing photos via MNS)
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Sandra Herrera
Sandra Herrera is a writer, editor, and graphic designer based in Brooklyn, NY.
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