Thursday, April 23, 2015

The going rate to buy up an LES corner for a new development (spoiler: $75 million)

[EVG photo from March]

Not exactly hot off the presses... however, in case you missed this... On Monday, The Real Deal reported that Ben Shaoul and Real Estate Equities, a Midtown-based firm, paid $75 million for the one-level group of properties next to Katz's on East Houston and Orchard Street.

The $75 million ($5 million less than the asking price of Shaoul's Bloom62!) went to buy four properties from two different owners and the air rights over Katz's (who will remain in place).

As previously noted, coming soon some day: a 10-story building with 83 residential units spread out over 95,000-square feet... plus 13,500 square feet of ground-floor retail.

The Commercial Observer had more on the deal yesterday, noting, among other things, that Shaoul has not yet decided if the building will hold rental units or condominiums. Shaoul said that the project will work either way.

BoweryBoogie, who first reported last year that Shaoul was behind the new project, has more details here.

Previously on EV Grieve:
Katz's is now the last business on East Houston between Ludlow and Orchard


Gojira said...

I'd be curious to know what Katz's share of that 75 million is; anybody have that info?

nygrump said...

I would imagine most of that $75MM is from the banksters. Good businesspeople never use their own money. You can see the banks that keep promtoing the destruction of our neighborhood, they proudly display on signs the funders.

Anonymous said...

The billion dollar day is not far away ;-)

Ursula Lux said...

So I keep going back and forth; IS NYC over? I read yet another story about Devil-Boy Shaoul and mt heart breaks just a little more.

Is there any hope for us?

Scuba Diva said...

On April 23, 2015 at 2:28 PM, Ursula Lux wrote:

Is there any hope for us?

Define "hope."

Anonymous said...

83+ rich dorks coming soon. Problem is inventory is still low. As buyers rebounding with economy keep buying up anything. Prices are being sustained at all time highs price per square foot. Its a greed bloodbath out there. And yes leveraged by co-developers, their own investors, and banks. We need councilmen and women, mayors, state legislators, and governors to realize the negative effects of over developing too quickly and slow this down!