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New York

Magnum, CIM secure $390M for Verizon condo conversion

The rebranced 100 Barclay Street will become 166 residential condos atop retail and offices

From left: Ben Shaoul and 140 West Street
From left: Ben Shaoul and 140 West Street

Ben Shaoul’s Magnum Real Estate and partner CIM Group secured a $390 million loan they will use to convert the Verizon building to 166 luxury residential units.

New York-based iStar Financial and Stamford-based H/2 Capital provided the three-year, Libor-based loan, which will be used to convert the upper 22 floors of 140 West Street to condos. Verizon will continue to operate offices in the lower 10 floors of the building, which has been rebranded as 100 Barclay Street, the New York Observer reported.

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Shaoul purchased the top floors of the Verizon building for $274 million in 2013, and later bought the retail portion for $40 million in late 2014.

Aaron Appel and Michael Diaz of JLL brokered the transaction. [NYO] — Tess Hofmann

 

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Ben ShaoulCIM GroupVerizon