13-Story Residential Building Planned at East Houston and Ridge Streets

327-329 East Houston St.
327-329 East Houston St.

Big changes are coming to this empty lot at East Houston and Ridge streets.  Last summer, we reported that that four parcels (327-329 East Houston, 331 East Houston, 163 Ridge Street) were sold by the estate of William Gottlieb for $12.4 million.  Now the owner has surfaced and is detailing plans for a 13 story, 78-unit residential complex on the development site.

Representatives from Halpern Real Estate Ventures will go before Community Board 3’s land use committee Tuesday, Feb. 5 to outline the proposal for the rental complex.  The team is seeking to enter the city’s inclusionary housing program, which permits developers to build bigger buildings than normally would be allowed in exchange for adding a certain number of affordable apartments to their projects. In this case, 16 of the 78 units would enter the affordable housing program (5 studios, 8 one bedrooms, 3 two bedrooms).  The developer is not seeking any city subsidy.

The architect hired for the project is the Stephen B. Jacobs Group. According to documents submitted to CB3, Samy Mahfar’s SMA Equities is a major investor (it was reported last year that he purchased the East Houston parcels).  The community board application says the total land acquisition costs were $13.4 million. The entire project is expected to run $39.2 million.

In 2011, the head of Halpern Real Estate Ventures, Jon Halpern, explained why he had become “bullish on New York City real estate.  You can read that article here.