An apartment building at 331 Houston St. sold for $61 Million

A couple of years ago, the famous Samy Mahfar of SMA Equities and the Halpern Real Estate develops and apartment at 331 Houston St. After many years of development, this promising apartment has finally finished, and it’s ready to go to the market. The report states that this particular apartment at Houston will have the cheaper rent price compared to the others. This one is located in a very strategic location near the attorney street. With this 11-storey building, this one has attracted the attention of many buyers, and it reportedly will be acquired by the Arkar Inc.

Samy and Halpern Real Estate sold this one for $61 million. It really is a worthy price for such an excellent apartment, due to SMA Equities and Halpern Real Estate Ventures have developed this apartment since a couple of years ago. The developers have paid $12.4 million back in 2012 for the site of development. They stated that the project costs around $40 million, and they get the $26 million from the bank loan. The building is actually just about 80% market rate / 20% affordable. It’s not such a bad investment for the professional and experienced investor just like Samy Mahfar.

It’s stated that the apartment will have the cheaper monthly rent price than most of the others these days. As you can see, today a one bedroom unit costs you around $5000 per month. Fortunately, the studio apartments in this building will only cost you around $2800-$3200 per month. It’s definitely a lot more affordable than the others. It’s actually almost half the price compared to the other apartments in the area. Samy and Halpern Real Estate Ventures have been experienced in this business for many years, and they’re willing to give the customers with the more affordable apartments with decent quality. You may want to take a look at this new apartment which is likely will be bought by the Arkar Inc. and decide the overall quality of this one by yourself.