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
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
Hampshire House at 150 Central Park South (Photos via Wikipedia)

Billionaires’ Row penthouse will go up for auction

Billionaires’ Row penthouse will go up for auction
125 Greenwich Street (Photos by Sylvia Varnham O'Regan)

For struggling condos, the pandemic proves the ultimate test

For struggling condos, the pandemic proves the ultimate test
220 Central Park South (Getty)

Duplex sells at Vornado’s 220 CPS for $65M

Duplex sells at Vornado’s 220 CPS for $65M
Betting on distress: Bulk condo website launches, aimed at investors

Betting on distress: Bulk condo website launches, aimed at investors

Betting on distress: Bulk condo website launches, aimed at investors
From left: 25 Park Row, 220 Central Park South, 30 Riverside Blvd (COOKFOX, Getty; StreetEasy)

Odd summer for Manhattan’s condo market

Odd summer for Manhattan’s condo market
From left: Henry Torres, Jorge Perez, Alicia Cervera Lamadrid, Gil Dezer and Joseph Kavana (iStock)

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami
141 Saint James Place and 380 Degraw Street in Brooklyn (Google Maps)

Clinton Hill townhouse leads Brooklyn’s priciest contracts of the week

Clinton Hill townhouse leads Brooklyn’s priciest contracts of the week
arrow_forward_ios

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

Loading...