The Real Deal New York

Prices at Shaoul’s new LES condo to start under $1M

196 Orchard Street will house Equinox gym on ground floors

December 15, 2015 02:00PM
By Katherine Clarke

Ben Shaoul and 196 Orchard Street

Ben Shaoul and 196 Orchard Street

Another developer is seeking to capitalize on demand for luxe condos downtown.

Prices at Ben Shaoul’s new Katz Deli-adjacent condominium, designed by Ismael Levya Architects, will start at just under $1 million for studio apartments and $1.23 million for one-bedroom units, the developer tells The Real Deal.

With studio sizes starting at 555 square feet and one-bedroom homes starting at 655 square feet, that pegs the starting price per square foot above $1,800. The total blended price per square foot is likely to come in at around $2,600 a foot, however.

Those starting prices put the building, at 196 Orchard Street, in roughly the same price bracket as 100 Norfolk Street, Adam America’s luxe condo project that sold out quickly last year.

The 11-story building will have 94 homes, ranging from studios to three-bedroom apartments, designed by interiors firm Incorporated. Amenities will include a two-floor, 30,000-square-foot Equinox gym for residents to use, a landscaped roof terrace and personal and bicycle storage.

Leonard Steinberg of Compass is handling sales, which will launch in early 2016.

Shaoul’s Magnum Real Estate Group forked over $75 million to assemble the Lower East Side site last year. SL Green Realty provided a $97 million loan for the acquisition and construction. Shaoul is building the condo in partnership with Real Estate Equities Corporation.

The building is just the latest in a string of properties looking to bring luxury buyers to the once gritty Lower East Side. Hotelier Ian Schrager is still marketing several very pricey apartments at 215 Chrystie Street, where the penthouse is asking $18.75 million.

Shaoul is also planning a “mid-market luxury” condo at 385 First Avenue in Gramercy, with one bedrooms starting at $987,000.

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