The Real Deal New York

Gottlieb properties sold as part of LES development site deal

July 13, 2012 02:30PM

From left: 327-331 East Houston Street and 163 Ridge Street

Four Lower East Side lots primed for development have traded hands for $12.4 million, Lo-DownNY reported. An LLC created by Samy Mahfar’s SMA Equities bought 327 and 329 East Houston Street for $8.4 million from the estate of William Gottlieb, which owns, and has begun selling, a large portfolio of Manhattan real estate. It also picked up 331 East Houston Street and 163 Ridge Street from Michael Albano for $4 million.

Together the four lots straddle the southwest corner of East Houston and Ridge streets — but not the corner lot itself. Combined, the properties total 75 feet of frontage on East Houston Street and reach 100 feet deep. It also includes 20 feet of frontage on Ridge Street with a lot that goes 25 feet deep and connects with the East Houston Street properties. Only the 331 East Houston street parcel has a building, a long-shuttered one-story laundromat.

Misrahi Realty had listed Gottlieb’s portion of land, which is zoned for 30,000 square feet of development, for $9.5 million. Massey Knakal Realty Services had listed the remaining East Houston Street property and 163 Ridge Street for a combined $4.6 million. That portion of the site can be developed up to 21,600 square feet if SMA meets certain development standards. [Lo-DownNY]

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