The Real Deal New York

SMA Equities buys three Gramercy properties for $28M

Deal includes two buildings and a commercial condo

May 04, 2015 04:00PM
By Tess Hofmann

299 Third Avenue in Gramercy (inset: Samy Mahfar)

299 Third Avenue in Gramercy (inset: Samy Mahfar)

UPDATED, May 4, 4:40 p.m.: Samy Mahfar’s SMA Equities purchased two Gramercy buildings and a commercial condo for a total of $27.8 million, according to property records filed with the city today.

The buildings, at 297 and 299 Third Avenue between 22nd and 23rd streets, are each three stories and have a combined 13,000 square feet. The lots have a total of 46,000 buildable square feet.

The commercial condo is located next door at 295 Third Avenue.

SMA purchased 299 Third Avenue from Alphas Holding Corp. for $14 million,  297 Third Avenue for $9 million from Fan & Associates, and the commercial condo for $4.8 million from J&T Animals Inc.

Brokers from Friedman-Roth Realty Services represented all parties in the deal, with George Niblock on the buyer’s side and Nadeem Haque and Kevin Nguyen on the sellers’ side.

The developer is currently at work on an 87-unit residential building in Long Island City.

Representatives from SMA did not immediately respond to a request for comment.

Correction: An earlier version of this article stated that the retail condo was in 289 Third Avenue.