Mahfar Buys 99 Allen St. For $4.4 Million

99 Allen St.

Samy Mahfar’s SMA Equities picks up another Lower East Side building.

99 Allen St.
99 Allen St.

99 Allen St., just below Delancey, was sold by the Heaven Way Buddha Church last month for $4.4 million.  The LLC set up for the purchase has the same mailing address in Great Neck as Mahfar’s real estate investment company.  During the summer, he closed on another building at 210 Rivington. SMA Equities owns a number of other LES properties, including 143 and 177 Ludlow.

In the past, Mahfar has been accused of trying to push out rent regulated tenants in buildings he owns throughout the neighborhood.  99 Allen was once home to the popular fast-food spot, Fried Dumplings; the business was replaced a few months ago by T-Spot, a slightly gussied up Asian restaurant.