[Image via Cushman & Wakefield]
Back in November, a PDF of a listing for Ben Shaoul's Bloom 62 on Avenue B and East Fifth Street arrived in our inbox. The asking price for the former Cabrini Center for Nursing and Rehabilitation was listed at $73 million — all cash.
Maybe you should have picked it up then. There's a new listing as of yesterday at Cushman & Wakefield … and the asking price is now $80 million.
Here's what you get:
A 6-story, completely renovated, mixed-use doorman building located at the southwest corner of Avenue B and East 5th Street. The property features over 120’ of frontage on Avenue B and 143’ of frontage on East 5th Street. It consists of 81 residential units and 1 ground floor retail unit. All of the residential units are FM with an average in-place rent of $83/SF.
The retail is leased to The New Amsterdam School for $400,000 per year. Overall, the property is 98.77% occupied with a gross annual income of $5,155,768. Amenities of the building include a fitness room, landscaped courtyard, and a rooftop entertainment deck featuring outdoor showers, grills, and bar-sinks. The residential units are all in spectacular condition and each has their own washer & dryer, individual temperature control, and high-end finishes through out.
This is an excellent opportunity for an investor to purchase a high cash flowing, low maintenance asset with significant upside in one of the trendiest neighborhoods in Manhattan.
Shaoul bought the place for $25.5 million from a family trust made up of the estates of Jacob W. Friedman and Sol Henkind in December 2011.
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 people.
As for Shaoul, he's off to luxurify other corners of the neighborhood.
Previously on EV Grieve:
Claim: Ben Shaoul is the new owner of Cabrini nursing home, will convert to condos
Report: Local politicians reach out to Ben Shaoul as re-sale of the Cabrini Nursing Center seems likely
More details on Cabrini's closing announcement
A look at the 'Hip young crowd planting roots at Bloom 62'
Ben Shaoul looks to make a whole lot of money converting nursing home into high-end housing
Ben Shaoul is selling Bloom 62 for $73 million — all cash!