Tuesday, September 25, 2018

Report: Ben Shaoul sells Liberty Toye/Bloom 62 on Avenue B for $85 million

[EVG photo from April]

Ben Shaoul's deal to sell his residential conversion at 62 Avenue B at Fifth Street is apparently official.

The Real Deal reported last evening that Bronx-based investor Martin Shapiro bought Shaoul’s Liberty Toye/Bloom 62 apartment building for $85 million. Shapiro plans to keep it as rentals.

This officially ends Shaoul's nearly seven tumultuous years owning the former Cabrini Nursing Center, which shut down in June 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. Shaoul reportedly paid $25 million for the property and closed down Cabrini.

Apartments at the new Bloom 62 — "the right place to plant your roots" — arrived in the spring of 2013, with prices topping out at $7,600 for a four-bedroom apartment. Despite the upgrades, some people thought that the units still looked like nursing home rooms, though with better lighting.

Under Shaoul's watch, the rental building gained a reputation for its rooftop DJ parties that annoyed neighbors. Shaoul finally cracked down on the ragers in the summer of 2015.

Shaoul attempted to sell the building several times — $72 million in 2014 ... and $80 million in 2015.

Last November, Shaoul decided to go condo with the property, renaming the building Liberty Toye, and renting a sales office from convicted felon Steve Croman.

Previously on EV Grieve:
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'

Have you heard the rooftop parties at Ben Shaoul's Bloom 62? (52 comments)

Ben Shaoul looks to make a whole lot of money converting nursing home into high-end housing

More details on Ben Shaoul's condo conversion Liberty Toye, where you can buy with bitcoins

Sales underway for Ben Shaoul's Liberty Toye — at the 'crossroads that cradled the Culture of Cool'


Anonymous said...

Sigh. Can’t believe that ass made $60 million off this building.

Anonymous said...

I sincerely hope there's a special place in Hell reserved for the monsters who sold the building in the first place.