The Real Deal New York

Ben Shaoul seeks to flip townhouse for nearly $10M

Developer gut renovated West Chelsea home he purchased for $2.7M
June 24, 2014 04:05PM

Ben Shaoul has overhauled a single-family townhouse in West Chelsea, and for his troubles, he’s seeking roughly $7.3 million more than he paid for the property.

The six-floor home at 450 West 25th Street is on the market for nearly $10 million, a handsome markup from the $2.7 million purchase price Shaoul paid last year, reported Curbed. That said, Shaoul put considerable work into the property.

Architect Wayne Turett, the man behind Tribeca Development Partners and Gold Development’s 15 Leonard Street, reimagined the 6,624-square-foot, four-bedroom house with a glass façade in the rear overlooking a backyard kitchen and garden. The cellar has been excavated to create a 10-foot-high rec room, and the penthouse family room includes north and south-facing terraces.

The listing went live on Urban Compass on Friday, but the brokers staged the property three months ago and have been showing it since.

Shaoul and partner Marc Ratner bought the house from painter Christine Amarger, according to Curbed. [Curbed]Tom DiChristopher

  • WannaBeLandlord

    $2.7m purchase + gut rehab + holding/closing cost + broker – 9.9m listing = Not $7.3m profit. Didn’t know contractors take payment in please and thank you. I wish realtors would stop telling a flipper what their profit is, it makes it look like you can’t do arithmetic.

  • Harry Potzer

    his net profit is close to 4.5M on this. Not bad for such a small baby.

  • SimpleMath

    Also, a $9.9 million asking price minus a $2.7 purchase price does not equal a “profit” of $7.3 million. It is equals $7.2 million. Oh god, the Real Deal staff writers are really something else.

    • HitenSamtani

      When you’re right, you’re right- that’s a bad one on our part. The asking price is $9.985 million, we’ve updated the story to indicate that. Thank you