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. [more]
Posts Tagged ‘misrahi realty’
DAB Group is facing a foreclosure suit at its stalled 16-story Allen Street
Hotel project on the Lower East Side, after the loan was acquired by
Manhattan-based Maverick Real Estate Partners.
Maverick acquired a $5.5 million note from Brooklyn Federal Savings Bank,
after DAB, a Valley Stream, N.Y.-based developer, allegedly went into
default, according to the complaint filed July 1 in Manhattan Supreme Court.
The loan had an initial due date of June 1, 2008, with an optional extension
to December 2008. In August 2008, DAB received an extension until Sept.
1, 2009, with three six-month extensions, until March 1, 2011. … [more]
Developer Morris Platt’s planned hotel-residential-retail development for 180 Orchard Street on the Lower East Side is going through some growing pains, according to the Lo-Down blog. The stalled project has reentered negotiations with the Department of Buildings, according to Sion Misrahi of Misrahi Realty, the firm responsible for leasing the development’s planned commercial space. At the moment, Morris Platt has opted to scrap the hotel plans and make the space all residential, with a commercial ground floor, according to Misrahi, who said that banks were reluctant to finance a hotel project. The final hurdle to DOB approval for the project, is overcoming community opposition. But with the erstwhile hotel planned scrapped, Misrahi said he’s optimistic that the project may garner more support as an apartment building.