The Real Deal New York

Posts Tagged ‘magnum real estate’

  • 31 Second Avenue in the East Village (inset: Ben Shaoul)

    31 Second Avenue in the East Village (inset: Ben Shaoul)

    Ben Shaoul’s Magnum Real Estate sold its East Luxe rental building, at 31 Second Avenue in the East Village, for $29 million to real estate investor Sunny Yung, according to property records filed with the city Wednesday. [more]

  • Ben Shaoul (inset), Katz's Deli and a rendering for 196 Orchard Street

    Ben Shaoul (inset), Katz’s Deli and a rendering for 196 Orchard Street

    UPDATED, April 21, 2:00 p.m.: Ben Shaoul has teamed up with Real Estate Equities Corp. to close on a $75 million assemblage on the Lower East Side where they plan to develop a mixed-use building next to Katz’s Deli, The Real Deal Has learned. [more]

  • From left: Leonard Steinberg, 450 West 25th Street and Ben Shaoul

    From left: Leonard Steinberg, 450 West 25th Street and Ben Shaoul

    UPDATED, Dec. 17, 4:17 p.m.: Ben Shaoul’s conversion of a four-story multifamily building in West Chelsea into a modern townhouse has set a record north of 23rd Street, broker Leonard Steinberg claims. [more]

  • 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. [more]

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    From left: Yves Chelsea, 20 Pine lounge and the Alexander

    A group of Russians laundered $230 million from a complicated tax scheme by buying and selling residential and commercial condominiums at luxury Manhattan buildings, including 20 Pine and Yves Chelsea, according to federal prosecutors. [more]

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    From left: Ryan McCann and Andrew Barrocas of MNS; Diana Hermanowski of Douglas Elliman

    A Brooklyn Brewery keg on hand, about 200 real estate brokers snuck a peak at Magnum Real Estate Group’s new Williamsburg townhouse development last night. See the exclusive photos after the jump. … [more]

  • bloom-62-living-room

    A living room at Bloom 62 (Inset: Ben Shaoul)

    Six rental apartments at Ben Shaoul’s Cabrini Center conversion project, now dubbed Bloom 62, hit the market over the weekend, according to StreetEasy listings seen by EV Grieve. [more]

  • From left: Ben Shaoul and 254 Front Street

    Ben Shaoul’s Magnum Real Estate Group has sold a high-end rental property in the Financial District to Queens-based construction and management firm Werber Management for $25 million, according to records filed with the city yesterday. [more]

  • John Penley

    UPDATED, 6:38 p.m., April 4: An anarchist activist who pledged to camp out in front of the offices of Ben Shaoul’s Magnum Real Estate Group this weekend has called off the protest, EV Grieve reported. Instead, the East Village’s John Penley has decided to hold a meeting.

    Originally, Penley planned the weekend sit-in to call attention to the allegedly bad conditions of Taylor Mead, an elderly tenant in a Shaoul-owned property. [more]

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  • Ben Shaoul, president of Magnum Real Estate, and the Brooklyn Bridge

    A new Lower Manhattan luxury rental building designed to reflect the semi-industrial feel of the old South Street Seaport, will be completed next month after years of delays, the Wall Street Journal reported.

    The building, at 254 Front Street, at Dover Street, near the South Street Seaport, was purchased in 2004 by developer Barry Akrongold and was planned to be condominiums. However, the project’s lender, the Bank of Smithtown, never funded the construction, and Ben Shaoul’s Magnum Real Estate bought the project, though no date is listed in the Journal article or on The controversial developer then turned the building into rentals. [more]

  • Ben Shaoul and the Cabrini nursing center

    Negotiations to preserve the Cabrini Center for Nursing and Rehabilitation failed, and the East Village facility will close this summer, EV Grieve reported, to make way for a condominium development by Magnum Real Estate President Ben Shaoul.

    Shaoul acquired the 84,000-square-foot building, at 542 East 5th Street, for $25.5 million in November and reports immediately began circulating that the center would close. [more]

  • Sales to launch today at Soho’s Arman

    February 15, 2012 11:00AM

    Leonard Steinberg (top left), Herve Senequier and the Arman

    Residential sales are set to begin today at the Arman, an eight-unit condominium at 482 Greenwich Street under construction on the site of what was previously the outdoor sculpture studio of the late French-born American artist, Arman, developers Magnum Real Estate Group and Arman Marital Trust announced today.

    The building, which is scheduled for occupancy in the fall, features full-floor units of approximately 2,470 square feet, which are all accessed by a private elevator. All have three bedrooms, three bathrooms, a large living room with a fireplace and Juliette balcony. They are priced from $3.9 million to $6 million and benefit from a 421-a real estate tax abatement. [more]

  • From left: 315 East 10th Street and Ben Shaoul

    The New York City Landmarks Preservation Commission approved a block-long historic district on East 10th Street at an emergency public hearing and vote today. The creation of the historic district follows developer Benjamin Shaoul’s Magnum Real Estate Group’s application in December to add a rooftop addition to a townhouse at 315 East 10th Street, which Magnum purchased late last year. The newly designated area extends from avenues A to B along the south side of 10th Street. [more]

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    From left: Ben Shaoul of Magnum Real Estate Group and 542 East 5th Street

    Ben Shaoul’s Magnum Real Estate Group shot back today at a group of elected officials who had urged the developer not to convert a Lower East Side property that houses the Cabrini Center for Nursing & Rehabilitation into a residential building. According to a letter from Shaoul’s attorney obtained by The Real Deal, Magnum is close to a deal to sell the 542 East 5th Street property to a for-profit nursing home operator, and the main obstacle to the sale is the lack of an agreement between the for-profit operator and Cabrini.

    As previously reported, Magnum acquired the building on the corner of Avenue B for $25.5 million earlier this fall. Cabrini’s lease expires in mid-April, prompting worries from some that the community would lose the 240-bed nursing home. … [more]

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    From left: 542 East 5th Street and State Senator Daniel Squadron

    As reported last month, the Cabrini Center for Nursing & Rehabilitation, at 542 East 5th Street, recently sold to Ben Shaoul’s Magnum Real Estate Group for $25.5 million. Now, with a rumor that Magnum will be flipping the building to the Archdiocese of New York City, one of the city’s largest real estate owners, circulating, local politicians are putting in their two cents, begging the owner not to sell.

    The local politicians cite the recent closure of the Bialystoker Nursing Home, highlighting the lack of adequate nursing care in the area and asking that the new landlord consider options that will “retain nursing home beds on the Lower East Side.” … [more]

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    Clockwise from top left: Magnum Real Estate Group President Benjamin Shaoul, Arman (inset), a rendering of 482 Greenwich Street, and Prudential Douglas Elliman’s Leonard Steinberg
    For all the unconventional partnerships in real estate, perhaps the most unlikely is an artist and a developer conspiring to build a nine-story condominium at the corner of Greenwich and Canal streets in Tribeca, according to the Wall Street Journal.

    The lot at 482 Greenwich Street was owned by the artist Arman, who made a career out of critiquing consumerism by turning the every day items that comprised the city’s grit into an usual structures. Now, his wife has partnered with Magnum Real Estate Group to turn it into a luxurious nine-story, eight-unit, Karl Fischer-designed condo.

    Arman purchased the land in the early 1980s along with a five-story loft building into which he moved, predating the artistic community’s shift from Soho. … [more]

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    From left: the block of East 10th Street under consideration by the LPC and Magnum President Ben Shaoul

    The Landmarks Preservation Committee’s meeting regarding the proposed designation of the East 10th Street Historic District in the East Village has been expedited, the New York Times reports.

    The decision is being sped up in response to Magnum Real Estate Group’s application last week to add another floor to 315 East 10th Street, a building the firm recently purchased. Magnum is run by developer Ben Shaoul, and has purchased a number of buildings in the area recently. The building at 315 East 10th Street, on the northern border of Tompkins Square Park, would be taller than the other buildings on the park if approved, the Times said.