The Real Deal New York

Ben Shaoul’s Bloom 62 raises ask to $80M

Developer converted the former Cabrini Center for Nursing to rentals in 2013
March 25, 2015 05:00PM

Ben Shaoul is asking $80 million for Bloom 62 — his 81-unit rental building in the East Village — after attempting to sell it for $73 million just four months ago.

A new Cushman & Wakefield listing spotted by EV Grieve shows that the asking price for the six-story former nursing home is $80 million. The listing says that the building, at 62 Avenue B, is 98.7 percent occupied and has an annual income of $5.2 million, with the New Amsterdam School occupying the retail portion for $400,000 per year.

In November, the developer was seeking $73 million in cash, as previously reported.

Shaoul bought the building when it was still Cabrini Center for Nursing and Rehabilitation in 2011 for $25.5 million, and converted it to residential after the facility closed in 2013. [EV Grieve] — Tess Hofmann


  • Guest

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  • Larry

    Something is not right when nursing homes are closed in Manhattan so a real estate investor not only with deep pockets but connections can make a 300% return in three years. Obviously, the nursing home (as well as its related hospital) was closed so it could be developed in order to help the right developers make an obscene profit. An investigation by the Federal Justice Dept may be warranted as NY State is more corrupt than Chicago.

    • meh

      i get it..but stop. things change.

      definitely not 300% tho with all of those rent concessions.

    • BH

      St Vincent’s in The Village, St Vincents in midtown west, the Catholic archdiocese making available many prime pieces of land by closing down churches….the list goes on