The Real Deal New York

Damaged building on Lower East Side asks $36M

Site of former day care center destabilized after next-door property was razed
June 06, 2014 10:45AM

A four-story Lower East Side building that formerly housed the Action for Progress day care center is back on the market for $36 million.

Landlord Samy Mahfar’s property at 255 East Houston Street, also known as 171 Suffolk Street, suffered substantial damage as a result of a demolition next door in 2010. The day care center was forced to leave. The next year, the building was listed with Cushman & Wakefield, but did not sell.

Massey Knakal Realty Services brokers Darragh Clarke, Michael DeCheser and Mei Ling Wong have the listing this time around. The site is zoned for 70,000 square feet of residential development, and has frontage on both East Houston and Suffolk streets. A 14-story mixed-use building is planned for the site next door.

Mahfar paid $7.7 million for the land, as previously reported. [Bowery Boogie]Mark Maurer