Mahfar Looks to Flip 99 Allen Street for $13M
Controversial local landlord Samy Mahfar is looking to cash out one of his Lower East Side holdings. The “repositioned” five-story tenement at 99 Allen Street is now on the market for $13 million.
The listing arrives nearly five years after Mahfar first purchased the building (September 2013) from Heaven Way Buddha Church for $4.4 million. Asking price now is three-times the initial purchase.
And that’s the name of the game. Buy a building, deal with the rent-regulated tenants, renovate, sell. Rinse, repeat.
The listing, per Cushman & Wakefield, calls attention to the project. Mahfar’s “first-class, spare no expense gut renovation” after his purchase of the building.
99 Allen Street is an 18 unit building that underwent a first-class, spare no expense gut renovation in 2013 with the highest quality materials and craftsmanship. The building consists of 2 stores and 16 apartments, all of which except one are Free Market. The building is almost fully occupied with a Gross Annual Income of $787,980 and a Net Operating Income $595,193. 99 Allen Street features large living rooms and bedrooms with pristine hardwood floors and exposed brick, stainless steel kitchen appliances, microwave and dishwasher units, and in-unit washer and dryer units conveniently tucked away neatly into closet space. Transportation via the B, D, J, F and Z trains is located nearby. The Lower East Side is one of New York City’s most exciting neighborhoods and houses a diverse variety of restaurants, bars, boutique and vintage shopping and nightlife venues.