140 West 28th Street (credit: PropertyShark)
The Midtown-based development firm Sovereign Partners led by Darius and Cyrus Sakhai paid $21.5 million for a Chelsea parking lot at 140 West 28th Street where developer Benjamin Shaoul struggled and ultimately failed to raise a mixed-use building.
Sovereign signed a contract with property owner 140 West 28th Street Associates in November 2011, and closed on the purchase Feb. 2, city property records published today show. [more]
127 Seventh Avenue
The heir to one of New York City’s great real estate fortunes is continuing to accumulate properties although recently focusing on modest-priced retail investments.
Lloyd Goldman’s BLDG Acquisition is in contract to buy a retail condo at the Yves, a condominium at 127 Seventh Avenue at 18th Street with 2,064 square feet on the ground floor from the property’s developer, Ben Shaoul’s Magnum Real Estate Group, a document filed this past Friday with the city shows. [more]
Shoe designer Sam Edelman — who touts on his website to cater to celebrity clients including Jennifer Lopez, Julia Roberts and Katy Perry — is asking $3.2 million for his two-story Chelsea penthouse, which went on the market today.
The two-bedroom condominium at 133 West 22nd Street between Sixth and Seventh avenues is roughly 1,700 square feet, and features floor-to-ceiling windows, a fireplace and an outdoor terrace, said Tierney Model, an agent at Sotheby’s International Realty who is handling the listing. Situated on the top two floors of the 12-story building, the unit can be accessed from both levels, she said.
“You walk into the apartment and you just have this beautiful view of New York City,” Model said. “It’s a very sexy apartment.”
Edelman launched his eponymous brand in 2004 and now sells his designer shoes, imprinted with his signature on the soles, at hundreds of independent retailers and department stores across the U.S., as well as in 450 locations around the world, according to the company’s website.
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Developer Benjamin Shaoul filed a $15 million lawsuit last week against
Sovereign Partners and its principals, brothers Darius and Cyrus Sakhai, as
well as troubled lender Brooklyn Federal Savings Bank, claiming they derailed his deal to buy back his defaulted note on a
Chelsea development project at a steep discount.
The suit claims Shaoul worked out an arrangement with former basketball star
Earvin “Magic” Johnson’s real estate investment venture Canyon-Johnson Urban
Funds to pay Brooklyn Federal $13 million to buy
back his own defaulted mortgage on the mixed-use property at 146 West 28th
Street valued at $27.98 million in principal and interest.
Shaoul, president of Magnum Real Estate Group, was an active residential
developer in the boom, building projects such as the Yves in Chelsea at 166
West 18th Street, the A Building at 421 East 13th Street and 636 East 11th Street. [more]
The party’s over at the A Building, an East Village condominium at 421 East 13th Street built by mini-mogul Ben Shaoul and his partner, Rob Kaliner. Beneath the two-year-old building’s reputation for hosting raucous rooftop pool parties lies a reality worse than the most killer hangover — flooding, crumbling balconies, alleged mismanagement of the condo board’s funds and two unresponsive developers who have left owners banging their heads against mold-ridden walls, claim several residents who forwarded dozens of documents detailing these issues to The Real Deal.
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