Take 3: Ben Shaoul launches sales at rebranded LES condo

Now dubbed Liberty Toye, units start at $675K

TRD New York /
Nov.November 14, 2017 05:20 PM

Renderings of Liberty Toye and Ben Shaoul

Developer Ben Shaoul has a new name for the East Village nursing home turned raucous rental building that’s now on its third life as a punk-inspired condominium.

Shaoul’s Magnum Real Estate Group is calling the project Liberty Toye, and the firm put 14 units on the market today with brokerage Town Residential. Availabilities include a mix of studios, and one- and two-bedroom units with a blended average price of $1,600 per square foot.

The building, located at 62 Avenue B, has garnered its share of headlines over the past few years. Magnum bought the property for $25.5 million from Cabrini Center for Nursing and Rehabilitation in 2011 and converted it to rentals in 2013.

But residents of the building — then called Bloom 62 — partied a little too hard on the rooftop, leaving beer bottles, graffiti and broken furniture after a particularly rowdy night. Magnum shut the rooftop indefinitely to stop the “excessive” partying it said had “left the amenity space looted.”

Rendering of the garden at Liberty Toye

In early 2015, Shaoul looked to sell the property for $80 million, but ultimately decided to convert it to condos.

The latest iteration of the building includes 81 condos with stained hardwood floors, white marble counters and brushed brass fixtures. Amenities include a fitness center and yoga room, courtyard and, yes, a landscaped roof deck with grills, dining areas, a lounge and outdoor shower. Construction is underway on the building, which still has some rental tenants in place.

The total sellout is $92.5 million, the offering plan indicates. Studios start at $675,000; one-bedrooms at $795,000 and two-bedrooms at $1.325 million, according to Town. Liberty Toye will accept Bitcoin.

Related Articles

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*