The Real Deal New York

Developer Ben Shaoul snaps up two buildings for $270M

Shaoul is planning condo conversions at both properties

July 05, 2014 03:00PM

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Ben Shaoul

389 East 89th Street, Ben Shaoul and 385 1st Avenue

WEEKENDEDITION Developer Ben Shaoul, who is in the midst of a condo conversion at the historic Art Deco Verizon Building, is now making plays at two more towers at a cost of $270 million.

The Magnum Real Estate Group head is in contract to buy the 199-unit Post Toscana, at 389 East 89th Street, and the 138-unit Post Luminaria, at 385 1st Avenue, for a total of $270 million — over $800,000 per unit.

The buildings are owned Atlanta-based Post Properties, which developed them with Ronnie Hackett’s Clarett Group in 2002 and 2003, according to the New York Post.

The deal is expected to close by the middle of summer. [NYP]Christopher Cameron 

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