327-329 East Houston Street is currently an empty lot at the corner of East Houston and Ridge streets, but a plan is now in the works to develop the lot into a rental property, the Lo-Down reported. The proposal calls for a 13-story, 78-unit building to rise on the site.
As previously reported, this lot, the lot traded hands for $8.4 million. An LLC created by Samy Mahfar’s SMA Equities was reportedly the purchaser, but the Lo-Down now pegs the owner as Halpern Real Estate Ventures and SMA Equities as a major investor.
Halpern will present the proposal to Manhattan Community Board 3’s land use committee early next month. They’re aiming to be part of the inclusionary housing program, which allows builders to construct buildings larger than allowed if affordable units are in the mix. At this property, 16 of the 78 apartments would be affordable units.
The development is slated to cost $39.2 million. [Lo-Down] —Zachary Kussin