Magnum shrinks East Village presence with $29M sale

Sunny Yung acquires East Luxe rental building at 31 Second Avenue

New York /
Jul.July 23, 2015 08:30 AM

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.

Shaoul bought the property for $5.6 million in 2011 and developed the six-story, 20-unit residential building, which houses Petco spinoff store Unleashed in its 3,500-square-foot ground-floor retail space.

Yung acquired the building through his Central Management Corp., according to the filing. He owns several other properties throughout the city, including a 76,000-square-foot mixed-use building at West 47th Street in Midtown, which he purchased for $85 million in 2008.

Neither Magnum nor Central Management could be reached for comment.

Shaoul’s Bloom 62 rental building in the East Village recently closed its rooftop amenity space to residents, claiming “excessive” partying on the roof had “destroyed” the space. Shaoul, the owner of air rights above Katz’s Delicatessen, bought an assemblage of buildings around the iconic deli for $75 million earlier this year. Plans are in the works to construct an 83-unit, mixed-use building at 196 Orchard Street.


Related Articles

arrow_forward_ios
385 First Avenue and Ben Shaoul (Google Maps, Getty)
385 First Ave requiring Bitcoin for retail condo sales
385 First Ave requiring Bitcoin for retail condo sales
Magnum Real Estate's Ben Shaoul and 87 Leonard Street (Getty; StreetEasy)
Tribeca condo owners sue Magnum Real Estate, seeking $7.6M
Tribeca condo owners sue Magnum Real Estate, seeking $7.6M
Ryan Serhant (Credit: Ryan Serhant via YouTube)
Ryan Serhant’s $50K cash offer to buyers’ agents ruffles feathers
Ryan Serhant’s $50K cash offer to buyers’ agents ruffles feathers
Magnum Real Estate Group's Ben Shaoul (Credit: Getty Images and iStock)
Ben Shaoul uses Bitcoin to sell retail condo for $15M
Ben Shaoul uses Bitcoin to sell retail condo for $15M
Magnum Real Estate's Ben Shaoul and 385 First Avenue (Credit: Getty Images and StreetEasy)
Investor linked to detained Chinese oil tycoon snaps up 10 condos at Ben Shaoul’s Gramercy Park tower
Investor linked to detained Chinese oil tycoon snaps up 10 condos at Ben Shaoul’s Gramercy Park tower
Ben Shaoul and Liberty Toye at 62 Avenue B in Brooklyn (Credit: Getty Images and Liberty Toye)
Ben Shaoul sells Liberty Toye building to Bronx investor for $85M
Ben Shaoul sells Liberty Toye building to Bronx investor for $85M
Ben Shaoul in contract to sell incomplete Liberty Toye for roughly $85M: sources
Ben Shaoul in contract to sell incomplete Liberty Toye for roughly $85M: sources
Ben Shaoul in contract to sell incomplete Liberty Toye for roughly $85M: sources
The PH at Ben Shaoul’s 100 Barclay didn’t list for $105M as rumored
The PH at Ben Shaoul’s 100 Barclay didn’t list for $105M as rumored
The PH at Ben Shaoul’s 100 Barclay didn’t list for $105M as rumored
arrow_forward_ios

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

Loading...