102 Norfolk Street Hits the Market for $16.25M
The controversial saga of 102 Norfolk Street turns a page to its next chapter. That of being for sale on the open market. (For real this time.)
A Boogie reader sent along the listing, via Avison Young, which advertises the mixed-use building as a steal for $16.25 million. No doubt benefiting from the inflated values from the new development next door and Essex Crossing rising a block away.
Of particular note, though, is the bit, “72% free market providing strong in-place cash flow.” The human costs behind that statistic were myriad. So much so, that tenants organized and filed a civil lawsuit against the landlord that ultimately ended in a settlement of $225,000.
Indeed, owner SMA Equities struck a chord of controversy shortly after acquiring the property in April 2014 for $11 million. The years-long process of “upgrading” at the expense of rent regulated residents made headlines galore.
As we reported over the years, Samy Mahfar and his SMA Equities company employed several methods to harass rent regulated tenants at four Lower East Side buildings – 102 Norfolk Street, 113 Stanton Street, 210 Rivington Street (which he later sold), and 22 Spring Street. Tactics were textbook, including engaging in construction work (aka “construction as harassment”) that led to dangerous amounts of airborne lead (2,900 times the legal limit at 102 Norfolk), failing to provide essential services such as heat and hot water, and hiring a “relocator” company that coerced residents into buyouts.
The listing for 102 Norfolk itself also notes the “below market retail rent provide future upside.” Probably not reassuring to La Contenta and the Back Room, both of which operate here.