Samy Mahfar Sells ‘Jones LES’ Rentals for $62M
The Jones LES luxury rental building on East Houston officially traded hands last week for a cool $62 million. Final deal price for the 67,600 square-foot rental property is just a tad north of what was reported in June.
Controversial landlord Samy Mahfar is laughing all the way to the bank with this transaction. His SMA Equities firm partnered with Halpern Real Estate Ventures to develop Jones LES 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.
The new 13-story development, between Attorney and Ridge Streets, officially debuted in December 2015. It has a mix of 80 market-rate units and 16 affordable apartments. Five months later is when the real estate listings started appearing for the development.