Friday, October 9, 2015

Report: Ben Shaoul replacing luxury rentals with condos at Bloom 62

Word is that Stately Shaoul Manor — aka the rental Bloom 62 — is about to go condo.

The Real Deal has the scoop on developer Ben Shaoul's plans for the building on Avenue B at East Fifth Street:

Shaoul, president of Magnum Real Estate Group, filed plans for an 81-unit condominium that will have a total sellout of $95.2 million, according to a summary of the offering plan filed with the state Attorney General’s office ...

Back in March, we reported that Shaoul put Bloom 62 on the market … with an $80 million asking price for the former Cabrini Center for Nursing and Rehabilitation. However, after curtailing the building's rooftop ragers, Shaoul pulled Bloom off the market.

Units at Bloom currently range from a one-bedroom apartment for $3,300 all the way up to a four-bedroomer for $7,395, per Streeteasy. The listed building amenities mention the roof deck with outdoor shower (drat!), a fully equipped gym, yoga room and storage units.

Before becoming a luxury rental, the building was home to Cabrini, which closed for good on June 30, 2012. The 240-bed center — sponsored by the Missionary Sisters of the Sacred Heart of Jesus — provided health care for low-income elderly residents in the East Village. Cabrini opened in 1993 and served 240 patients and employed nearly 300 people. Shaoul reportedly paid $25 million for the property and closed down Cabrini.

Bloom 62 will join Shaoul's other East Village condos — the A Building on East 13th Street and the incoming 98-100 Avenue A.

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!


Anonymous said...

Expect more of these rental to condo conversions in buildings with decent amenities as this one has. The nightmare renters tearing up this place "animal house style" will encourage a landlord Cash in the chips and move on. I'm hoping this happens someday to 331-333 E 12th street which filled with similar renters.

blue glass said...

331-333 e 12 st is the sirovich senior center

Anonymous said...

The short history of the building isn't a good selling point. Like fuck I'm spending the money he will want for the condos to live in a fucking bro dorm...

Morgan Tsvangirai said...

The floor plans in this building are so horrendous. The building has such a large footprint with hardly any windows. There are rooms listed as bedrooms that legally cannot be classified as such. The kitchens are awfully small. Take a look:

A "THREE" bedroom

Horribly small one bedroom

Two 8 foot wide one bedrooms with a living room that is 4.5 feet wide

Check out some of the rentals and the floorplans:

Real estate here is obviously insane so who knows what will happen, but it's obvious why someone wouldn't want to buy this whole building and it's crazy that anyone would ever want to rent let alone buy these garbage units.

Giovanni said...

Developers will be converting the rat holes in Tompkins Square Park into condos just as soon as they can evict the current residents.

Anonymous said...

This is great. I mean, bros gotta grow up and put down some roots eventually.

Anonymous said...

@ Morgan Tsvangirai,

Wow, I never thought to look at the floorplans, but that is some serious garbage! Bedrooms and living rooms without windows? Who would pay so much money to live in an apartment like that? I'm floored. Those should obviously be much larger units, but you can't squeeze 6 bros in unless you can subdivide just enough.

Anonymous said...

Man, it's getting so that $150k entry level finance gig just ain't enough to make ends meet anymore.

Giovanni said...

These apartments are so small you have to open the window every time you get an erection.

Anonymous said...

A bedroom without a window is not a legal bedroom, period. Maybe Shaoul expects people to buy several units & combine them. "Buy two, they're small!"

Anonymous said...

"331-333 e 12 st is the sirovich senior center"

sorry my mistake, I meant to type 531-533 E 12th.

Mark Hand The Catchman said...

Why is the bathroom the first room as soon as you enter these apartment?
"Gotta vomit as soon as you come back from a hard nite of partying?" is probably a selling point.

Anonymous said...

Itis absolutely illegal for a bedroom to not have a window. How this is allowed to happen, publicly, is a testament to our illustrious dept or housing.

Anonymous said...

Fifth Street rejoices! Finally I will be able to walk down the street not tripping over body sized bags of trash. Or when trying to avoid said trash, being nearly knocked out by entitled a-holes rushing to their uber rides only staring at phones rather than people walking on the street.