102 Norfolk Street Hits the Market for $16.25M

Posted on: June 12th, 2019 at 5:07 am by

June 2014

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.

Photo: Avison Young

Recent Stories

Lower East Side Children’s Halloween Parade Marches this Weekend

Time to test run those kiddie costumes! The Henry Street Settlement’s second annual children’s Halloween costume parade and party is happening this weekend, and promises plenty of spooktacular fun for all ages. The parade route starts at Abrons Arts Center (466 Grand Street) and follows the beats of the NYPD marching band through the streets […]

Here’s Why DOT Shouldn’t Move Forward with Hated Chinatown ‘Gateway’ Art Design [OP-ED]

A glimmer of hope came over me last month when I was informed that Department of Transportation would delay its presentation to Community Board 3 regarding the controversial Chinatown “Gateway” marker. I was cautiously optimistic that Linda Lee’s “Dragon’s Roar” design would be scrapped due to unanimous local outrage and opposition, and that the selection […]

Lebanese Eatery ‘Manousheh’ Signs Lease for Seward Park Location

The year-long dormancy of the former Grand Street 7-Eleven is drawing to a close. In its place, a familiar Lebanese restaurant. Word on the street is that Greenwich Village import, Manousheh, just signed a lease for the vacated space. We’re told that asking rent had been about $18,000, but final price is unknown. Occupancy apparently […]

Game Over for ‘Water World Amusements’ Arcade on Essex Street

Much like the movie of same, Water World Amusements unceremoniously sunk. The arcade, which opened just over a year ago at 35 Essex Street, is no more. Gaming cabinets remain locked in the dark retail space, while leasing signage dominates the store marquee. That this game room failed to hit is not a shock. Water […]

‘Greens and Grains’ Shutters, While Famous Hakki Readies Essex Chicken Spot

Greens and Grains is no more after a year in business, as Hell Square eats another of its own. Instead, the so-called Pizza Champion is opening a chicken-focused eatery. Hakki Akdeniz, who owns a plethora of pizzerias around the neighborhood, is planning to open Essex Chicken at 115 Essex Street. Just a few doors down […]