The Real Deal New York

Ben Shaoul buys retail space at 140 West Street for $40M

Verizon owns floors two through 10 at the 40K sf property

November 20, 2014 02:45PM

From left: 140 West Street and Ben Shaoul

From left: 140 West Street in the Financial District and Ben Shaoul

Ben Shaoul, the developer who’s turning Verizon’s former downtown headquarters into a luxury condominiums, has bought the building’s 40,000-square-foot retail space for $40 million.

Verizon is selling the space to the developer. The telecommunications company still owns and occupies floors two through 10 at the building, according to Crain’s.

Shaoul’s Magnum Real Estate bought 140 West Street — located across the street from One World Trade Center — from CIM Group last year for $274 million. He is creating 161 condos in the building.

Owning the retail space gives Shaoul an opportunity to take advantage of the downtown retail boom. [Crain’s] — Claire Moses

Correction: a prior version of this article incorrectly stated the square footage of the retail space.

  • marc978

    you mean 40,000 SF, not 400,000

  • David Brown

    I suspect there is a decimal place issue. The building is approximately 1.2 square feet over 32 floors. The top 21 floors are being converted to condos and floors 2-10 are kept by Verizon. That implies the “retail” space is just the ground floor and is approximately 40,000 square feet, not 400,000 square feet.

  • Chris

    400,000 square feet????

  • LindaJFlynn
  • David Lohr

    He is a Major league developer and might be a Trump, Uris or Tishman in 40 years.