Shaoul, partners pay $75M for LES development site

Magnum and Real Estate Equities plan 83-unit mixed-use building next to Katz's Deli

New York /
Apr.April 20, 2015 04:30 PM

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.

The partnership between Shaoul’s Magnum Real Estate Group and Real Estate Equities –  led by the father-and-son team of Michael and Brandon Miller along with Mark Siegel – plans to construct an 83-unit, mixed-use building on the site at 196 Orchard Street, which fronts 100 feet along East Houston Street and roughly 120 Feet Along Orchard Street.

News of the assemblage started to bubble up last summer, when it was reported that the owner of Katz’s had struck a deal to sell the 150-year-plus-old deli’s air rights, a move that would help ensure the NYC institution remained in place.

Soon thereafter, Shaoul and his partners entered into contract to buy a trio of properties next to Katz’s, and a few months later filed plans to construct a 113,246-square-foot building on the site.

All told, Shaoul and Real Estate Equities, a Midtown-based firm that earlier this year sold a retail space under the High Line to Savanna, paid $75 million to buy four properties from two different owners and the air rights over the delicatessen.

Curbed dubbed Shaoul “The Sledgehammer” due to a confrontation with squatters. In the case of the Orchard Street assemblage, though, the retail spaces were delivered vacant.

Magnum is currently repositioning the Ralph Walker-designed former Verizon building at 140 West Street into 166 condos in partnership with the CIM Group. The project is now known as Ralph Walker Tribeca with an address at 100 Barclay Street.

Correction: A previous version of this story gave an incorrect purchase price. The story also incorrectly described the origin of Shaoul’s nickname.

 
 

Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
CMBS issuance is set to break Great Financial Crisis record, report
CMBS set to break Financial Crisis record
CMBS set to break Financial Crisis record
Signature Bank CEO Joseph DePaolo (Signature Bank, iStock)
Signature Bank reports record results
Signature Bank reports record results
Hudson Yards (Getty, iStock)
City’s bet on Hudson Yards beginning to pay off
City’s bet on Hudson Yards beginning to pay off
The Closing: Ron Dickerman
The Closing: Ron Dickerman
The Closing: Ron Dickerman
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...