SMA Sells 3 Lower East Side Tenements for $34.75M

Posted on: June 2nd, 2022 at 5:01 am by

99 Allen St.

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.)

177 Ludlow St.

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.

102 Norfolk St., Photo: Apple Maps

Recent Stories

At Belse, the New Vegan Brewery on the Bowery

Belse, the Texas-based vegan brewery and restaurant, is now in business on the Bowery. The Lone Star State transplant – officially, Belse Plant Cuisine – takes 11,000 square-feet at 265-267 Bowery, in what was previously the fleeting home of the Paulaner Brauhaus brewery. The renovated space features three sections – a restaurant, bar, and Garden […]

East Village Artist M. Henry Jones, Contemporary of Keith Haring, Dies

M. Henry Jones, a member of the East Village arts scene for over forty years, died last week (either June 16 or 17) at the age of 65. We’re told, though unconfirmed, the cause of death was a form of cancer. Jones was a neighborhood fixture for decades, in part, because of his storefront studio […]

Under the Floorboards at Long-Vacant East Houston Lot

Bereft of substantial activity in nearly two decades, the long-vacant parcel at 49 East Houston Street is in deterioration overdrive. An eagle-eyed tipster notes that the floorboards atop the existing foundation are now busted. Creating a pseudo entryway into the cellar level. Before its demise fourteen years ago, 49 East Houston had been a one-story […]

Developer Begins Demolition of Rutgers Street Playground for Temporary Parking Lot

Demolition work began this week on a Lower East Side park that is a focal point in the tension between the community and developers on the waterfront. The backhoes are out and job now underway at Rutgers Park, the small public space beside the Lands End II residential development. Removal of the playground began yesterday, including […]

The 3 Lower East Side Walk-ups that Sold for $35M

Earlier this month, we reported that SMA Equities, the Long Island real estate firm with controversial history on the Lower East Side, sold a portfolio of its area properties. SMA unloaded three tenement walk-ups to Daniel Fishman of GAIA Real Estate – 102 Norfolk Street, 177 Ludlow Street, and 99 Allen Street – for an […]