‘Jones LES’ Luxury Rental Development Sells for $61M

Posted on: May 25th, 2017 at 5:13 am by

Exactly one year after it hit the market, the luxury rental complex at 331 East Houston, dubbed “Jones LES,” is under new ownership. The development changed hands for an unbelievable $61 million.

Gili Haberberg, an investor who runs Arkar Inc., will shell out $61 million for the 67,600-square-foot elevator building situated between Attorney and Ridge streets. According to the Real Deal, the sale is slated to close next month.

And who’s the richer? Well, Samy Mahfar, of course. His SMA Equities firm partnered with Halpern Real Estate Ventures to develop this property five years ago. The duo purchased the four parcels beneath the beast in 2012 for a total of $12.4 million, and reportedly parted with an additional $40 million to float construction.

331 East Houston, July 2014

Jones LES officially debuted in December 2015. Five months later is when the real estate listings started appearing for the development.

In related news, Samy Mahfar recently settled with Attorney General Eric Schneiderman regarding the ongoing civil lawsuit over alleged tenant harassment at several of his Lower East Side buildings. The area landlord got off easy with a $225K settlement.

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