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New York

Shaoul receives $71M in funding to build 14-story dormitory

Developer picked up the site on East 24th Street for $32.2 million last December

From left: Ben Shaoul and 340 East 24th Street
From left: Ben Shaoul and 340 East 24th Street

Ben Shaoul received $71 million in construction funds to build a dormitory in Kips Bay.

Shaoul, together with 40 North Properties, bought the site for $32.2 million last December.

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The three-year loan is backed by 340 East 24th Street and provided by Santander.

Shaoul’s Magnum Real Estate and 40 North will build a 14-story, 146,000-square-foot dormitory with 242 units for the School of Visual Arts. Ismael Leyva Architects will be responsible for the design of the building on the corner of 24th Street and First Avenue. [NYO] — Claire Moses

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Ben ShaoulIsmael Leyva ArchitectsMagnum Real Estate Group