Shaoul launching mid-market condos ahead of expected glut

Developer wants to sell moderately-priced inventory before more supply "comes around in 2017"

New York /
Feb.February 08, 2016 06:20 PM

Ben Shaoul is kicking off sales at two mid-market condo projects this month in a bid to get ahead of the competition for condo inventory priced at less than $3 million.

The developer’s Magnum Real Estate Group is set to open sales at 389 East 89th Street, on the Upper East Side, and the Luminaire, at 385 First Avenue near Gramercy Park.

Shaoul bought the former rental towers in 2014 and commenced renovations with an eye to converting the properties into moderately-priced condos, according to Bloomberg.

Two-bedroom units at 389 East 89th Street start at nearly $1.6 million, while the cheapest three-bedroom apartment is listed at just under $2 million. The priciest residence at the 156-unit tower, a 1,860-square-foot penthouse, asks $5.25 million.

At the 103-unit Luminaire, two-bedrooms will range from $1.75 million to $2.73 million while one-bedrooms start at $950,000. The priciest unit at the building, a 1.982-square-foot three-bedroom with a 1,265-square-foot terrace, is listed at $4.95 million.

Shaoul told Bloomberg his business plan for the buildings is “velocity” – noting his intention to “sell the buildings out this year, be done this year, deliver this year” in an effort to get ahead of similarly-priced inventory coming to market in the next few years.

“This product is not available right now in the marketplace, so let’s get it delivered in 2016 before anyone comes around in 2017,” he said. [Bloomberg]Rey Mashayekhi


Related Articles

arrow_forward_ios
Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock)
Rental-to-condo conversions drop 80% after 2019 rent law: report
Rental-to-condo conversions drop 80% after 2019 rent law: report
(378 West End, 300 West and 567 Ocean Avenue, Getty)
April was best month for new condo sales in 5 years
April was best month for new condo sales in 5 years
Quay Tower at 50 Park Drive and Ryan Serhant (ODA, Getty)
Ryan Serhant’s brokerage takes over sales at Brooklyn Bridge Park condo
Ryan Serhant’s brokerage takes over sales at Brooklyn Bridge Park condo
A rendering of One Boerum Place with Avery Hall Investments' Avi Fisher (top) and Brian Ezra (SLCE Architects, Avery Hall Investments)
Shifting gears: Brooklyn condo tower to debut as rental
Shifting gears: Brooklyn condo tower to debut as rental
Jon Stewart and 161 Hudson Street PH 9A/8B (Getty, Compass, Google Maps)
Jon Stewart’s old penthouse trades for 26% less
Jon Stewart’s old penthouse trades for 26% less
85 Jay Street in Dumbo and 515 West 29th Street in Chelsea (Photos via Winick, SCDA Architects)
Here are the new developments offering the most buyer incentives
Here are the new developments offering the most buyer incentives
Lionel Messi and photos of the Regalia unit (Getty)
Goooooool: Lionel Messi’s family scores condo in South Florida
Goooooool: Lionel Messi’s family scores condo in South Florida
G4's Jason Behfarin and Robyn Sorid with a rendering of the Cascade complex
Sprawling Bed-Stuy condo complex lands $105M in financing
Sprawling Bed-Stuy condo complex lands $105M in financing
arrow_forward_ios

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

Loading...