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