The Real Deal New York

Take 3: Ben Shaoul launches sales at rebranded LES condo

Now dubbed Liberty Toye, units start at $675K
By E.B. Solomont | November 14, 2017 05:20PM

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.