The Real Deal New York

Shaoul’s Magnum snaps up $24M Soho rental

Six-story Greene Street property is ripe for condo conversion
By Katherine Clarke | January 08, 2016 01:01PM

Ben Shaoul and 6 Greene Street

Ben Shaoul And 6 Greene Street

Ben Shaoul’s Magnum Real Estate Group snapped up a six-story Soho multifamily building for $24 million, or more than $700 a foot.

The 22-unit property at 6 Greene Street, near Canal Street, had been in the same family for several decades. It still has a handful of rent-stabilized tenants, but could eventually be converted into condominiums, sources said.

The seller was the Landsman family, which controls the entity 6 Green Street Associates LLC.

“There are no plans to Convert 6 Greene Street into a condominium,” Shaoul told The Real Deal of his plans for the 33,374-square-foot building. “Magnum’s plan is to make improvements and keep the property as a long-term, cash flowing investment.”

A Marcus & Millichap team led by Peter Von Der Ahe, Joe Koicim and Sean Lefkovits was marketing the property for sale. The brokers declined to comment on the deal.

The purchase is just the latest of many downtown deals by Shaoul, who is currently marketing units at his latest high-end condo projects at 196 Orchard Street and 100 Barclay Street, and is further evidence that the Canal Street corridor is becoming more attractive to luxury developers.

The building is directly opposite another new condominium project, at 11 Greene Street. Developers Ruby Ventures and Colt Ventures plan to construct a 31-unit condo on that site, which is currently vacant.