The Real Deal New York

Shaoul set to launch sales at 100 Avenue A in the EV

Ryan Serhant to market 33 units for Magnum; will ask north of $2,000 psf for some units

September 15, 2015 06:45PM
By Rey Mashayekhi

Ryan Serhant at 100 Avenue A in the East Village

Ryan Serhant at 100 Avenue A in the East Village

Sales at Ben Shaoul’s East Village condo redevelopment at 100 Avenue A will begin in the next few weeks, with one-bedroom units starting at just under $1.3 million and penthouses starting at almost $2.3 million.

Ryan Serhant of Nest Seekers International is marketing apartments at the 33-unit property, located on the corner of Avenue A and East 7th Street. Prices will range from the high-$1000s per square foot to north of $2,000 per square foot, he said, with apartments set for delivery by late spring or early summer of 2016.

The Issac & Stern Architects-designed building, which replaces the old Hollywood Theatre formerly on the site, will count a roof deck among its amenities, while several units will feature private outdoor spaces.

“This is kind of the opportunity for people to buy high-end in the East Village,” Serhant said, comparing the development to buying at Related Cos.’ Caledonia building at 450 West 17th Street, before Chelsea got hot.

The condo building should have offering plan approval in the next month or so, while a ground floor retail component is expected to house a high-end gym, sources said.

Shaoul’s Magnum Real Estate Group sold its East Luxe rental building at 31 Second Avenue for $29 million earlier this year, though the developer is no longer looking to offload its Bloom 62 rental building despite trouble over the building’s roof deck amenity space.

Serhant is responsible for a huge chunk of Nest Seekers’ listings, as The Real Deal reported last week.