255 East Houston Street Lower East Side

There is an exciting development project going up at 255 East Houston Street, which is being spearheaded by veteran developer Samy Mahfar of SMA Equities. An out-of-ground project, designed by architect Stephen Jacobs, original plans call for 13 stories and 88 units. In addition, it is anticipated that there will be approximately 4,600 square feet of prime retail on the street level of the building.

Located between Norfolk and Suffolk Streets, this building is in the heart of one of Manhattan’s trendiest neighborhoods, i.e., the Lower East Side, and very convenient to public transportation. It is also part of a HUD program and designated as an 80/20 building, which means at least 20 percent of the beautiful studio, one-, two- and three-bedroom apartments will have affordable rents, based upon the Average Median Income (A.M.I.) of the immediate area. The balance of the apartments will be rented for market rates, also consistent with the neighborhood.

Samy Mahfar’s other plans for this building include an amenities package comparable to another one of his buildings at 331 East Houston Street. Therefore, 255 East Houston Street will most likely include a beautifully-equipped fitness room, roof deck, stunning lobby and a host of conveniences for the lucky residents who live there. With construction just starting, it should be completed by early 2019, or before.

And the base of 255 East Houston Street will have the kind of retail that really benefits the community, such as s a gourmet produce/grocery store, family-style diner, medical clinic, or daycare center. Mr. Mahfar is looking for the type of tenant that will bring real value to the neighborhood on many different levels, from convenience to culture!

Interestingly, 255 East Houston Street had very humble beginnings as a commercial building with four stories, built in the early part of the 20th century. When Mr. Mahfar originally purchased it, he implemented significant renovations and then gave a long-term lease to a great tenant, Action for Progress, a City-owned daycare center.

But an accident caused by construction at the adjacent development property at 265 East Houston, severely damaged Mr. Mahfar’s building. Moreover, it took the neighbor’s construction workers so long to repair the exterior wall damage that Samy Mahfar and his team could not get back into their own building for several months. As a result the city condemned their building and Action for Progress was forced to move.

After many years, Samy Mahfar and SMA Equities decided it would be best for everyone to tear down the compromised building and let it rise up like the mythical phoenix! Soon it will become a dazzling new apartment building with both affordable and market-rate housing and stores at the retail level that will be better for the entire community!