SMA Sells 3 Lower East Side Tenements for $34.75M
SMA Equities, a Long Island-based real estate firm with many Lower East Side holdings, decided to unload three of its pre-war properties.
GAIA Real Estate reportedly purchased the tenements at 102 Norfolk Street, 177 Ludlow Street, and 99 Allen Street for an aggregate sum of $34.75 million. Between them, fifty-six residential units – most of them of the two- and three-bedroom variety – plus five retail spaces.
(The transactions are not yet posted to the city’s public database.)
The seemingly positive press coverage notes that each of the buildings was renovated over the last decade. That one word – “renovated” – carries much weight for these properties. Tenants in some suffered through years of upscaling and alleged “construction as harassment,” especially in the case of 102 Norfolk.
This Lower East Side portfolio is reportedly the second major transaction for GAIA within the last year, behind the purchase of three neighboring buildings on East 3rd Street last August for $49.5 million.