Wednesday, July 24, 2013
We were watching "The Stoler Report" — the real-estate roundtable program on Channel 75 — the other evening... Developer Ben Shaoul, president of Magnum Real Estate Group, was one of the guests discussing the residential market in Manhattan and the boroughs... it was a fairly sobering discussion on everything from end loans for condos ... debt yields... capital gains...
At roughly the 20-minute mark, host Michael Stoler asked Shaoul about his preference for short-term lending ... Well, you know, it depends on the asset and who the partner is and what the plan is for the asset, etc.
While he didn't mention it by name (Bloom 62, the new luxury residences that replaced the former Cabrini Center for Nursing and Rehabilitation on East Fifth Street and Avenue B), Shaoul mentioned his current "conversion of a nursing home."
"We're going to look to sell the asset in a year or two," he said.
This type of property, he said, was attractive to the institutions who buy this caliber of asset.
In December 2011, Shaoul and company purchased Cabrini for $25.5 million from a family trust made up of the estates of Jacob W. Friedman and Sol Henkind. Negotiations to resell the building to a for-profit nursing home operator reportedly fell apart in early January 2012. Cabrini closed for good on June 30, 2012.
The 240-bed Cabrini Center for Nursing and Rehabilitation — sponsored by the Missionary Sisters of the Sacred Heart of Jesus — provided health care for low-income elderly residents in the East Village. The center opened in 1993 and served 240 patients and employed nearly 300 employees.
Bloom 62 is currently renting — prices range from $3,450/month for a one-bedroom unit to $7,600 for a four-bedroom apartment. The listed amenities include 24-hour doorman, gym and exercise facility with weight room, secured landscaped courtyard entrance, deck with showers, Weber grills and teak sun-deck, and yoga room with music system.
You can watch this episode of "The Stoler Report," taped on May 30, right here.