Report: retail portion of Ben Shaoul's luxury condoplex on Houston and Orchard sells for a whopping $88 million

Developer Ben Shaoul and company have reportedly sold the retail space of its gold-dusted condoplex at 196 Orchard St. — whoa, brace! — for $88.75 million.

That's three retail tenants in total — the Marshalls, the coming-soon CVS and the Equinox on the upper two floors here along Houston between Ludlow and Orchard.

The Real Deal has the story:

The developers behind 196 Orchard Street, Ben Shaoul’s Magnum Management and Michael Miller’s Real Estate Equities Corp., sold the retail portion of the building to the AR Global affiliate New York City REIT, sources told The Real Deal. The sale price is $88.75 million, which makes it the most expensive deal for a retail condo in more than two years.

The price works out to more than $1,475 per square foot.

Back to TRD:

The deal is the most expensive sale of a retail condo since Savanna sold the retail portion of 10 Madison Square west for $97.5 million in the spring of 2017 to TH Real Estate (now Nuveen Real Estate).

This property here previously housed a single row of storefronts, including Ray's Pizza, Bereket and Lobster Joint. As Shaoul told the Times back in 2017, the small businesses that closed were "part of evolution ... You call it gentrification, I call it 'cleaning it up.'"

Shaoul and REEC bought the air rights from Katz's next door to help make this condoplex a reality.

A CVS is coming to the corner of Houston and Orchard in Ben Shaoul's luxury condoplex

Developer Ben Shaoul's gold-dusted condoplex at 196 Orchard St. has signed another retail tenant.

CVS is coming soon to the corner space here at East Houston Street...



The drug-store chain (FYI originally named the Consumer Value Store) joins the Marshalls in the retail spots of the 11-story, 94-unit building where residential units top out at $5.995 million.

Shaoul's luxury building, constructed in part with hand-laid, gilded-bronze brick imported from Cadaqués, also includes an Equinox Fitness center.

This property on Houston between Ludlow and Orchard previously housed a single row of storefronts, including Ray's Pizza, Bereket and Lobster Joint.

Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard

Marshalls opens today on Houston Street

As we've been noting (oh, here and here and here and here), Marshalls opens this morning at 8 (and until 10 p.m.) next to Katz's at 197 E. Houston St.



After this Debut Day, the Marshalls will be open Monday to Saturday 9:30 a.m. to 9:30 p.m.; Sunday 11 a.m. to 8 p.m.

The discount department store joins Equinox as the two retail tenants in the base of Ben Shaoul's condoplex here between Ludlow and Orchard.

And there is still ample retail space available where the helpful arrows are pointing ...



What might be next?

Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard


[EVG photo from April 2015]

Marshalls, now with more Marshalls signage on Houston; and so long sidewalk bridge

Workers yesterday removed the sidewalk bridge from outside 197 E. Houston/196 Orchard between Ludlow and Orchard... providing a better view of the incoming Marshalls ... well, at least the Marshalls signage...



The off-price department store chain is expected to debut on Oct. 4 at 8 a.m. here next door to Katz's...



Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard

Marshalls opening next month in Ben Shaoul's luxury condoplex on East Houston Street

The Grand Opening for Marshalls on East Houston is now Oct. 4

Here's your Marshalls signage on East Houston

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'

Here's your Marshalls signage on East Houston

The Marshalls signage is now (mostly) visible over at 197 E. Houston between Ludlow and Orchard...



As noted on Monday, this location of the off-price department store chain opens on Oct. 4 at 8 a.m. in the retail space directly next to Katz's. Marshalls joins Equinox as the two retail tenants in the base of Ben Shaoul's condoplex built partly with gold-dusted bricks imported from Cadaqués.

Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard

Marshalls opening next month in Ben Shaoul's luxury condoplex on East Houston Street

The Grand Opening for Marshalls on East Houston is now Oct. 4

The Grand Opening for Marshalls on East Houston is now Oct. 4

Signs arrived over the weekend next to Katz's on East Houston about the grand opening for Marshalls... now apparently set for Oct. 4, one week later than previously announced...



As we first noted last month, the off-price sellers were set to open on Sept. 27 next door to Katz's in Ben Shaoul's hand-laid, gilded-bronze brick condoplex between Ludlow and Orchard streets.

Before!



Now!



It appears the entrance to Marshalls will be directly next door to Katz's...



This property on East Houston previously housed a single row of storefronts, including Ray's Pizza, Bereket and Lobster Joint.

H/T Mike Stuto!

Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard

Marshalls opening next month in Ben Shaoul's luxury condoplex on East Houston Street

Marshalls opening next month in Ben Shaoul's luxury condoplex on East Houston Street

The neighborhood is getting another big-box retailer with the arrival of Marshalls next month.

The off-price sellers will open on the East Houston Street side of Ben Shaoul's Katz's-adjacent condoplex between Ludlow and Orchard streets.

According to the Marshalls website (H/T EVG regular IzF!), this location — the seventh in Manhattan — opens on Sept. 27...



Back in May, BoweryBoogie reported on the rumor that a T.J. Maxx was slated for Shaoul's luxury building, constructed in part with hand-laid, gilded-bronze brick imported from Cadaqués. TJX, the parent company of both Marshalls and T.J. Maxx, apparently changed up brands for this space.

The 11-story, 94-unit building, officially 196 Orchard St., has units ranging in price from $1.075 million to $5.995 million. A three-level Equinox Fitness center is the other retail tenant here. (The Equinox branding recently arrived...)



This property on East Houston previously housed a single row of storefronts, including Ray's Pizza, Bereket and Lobster Joint.

Marshalls will join the recently opened Target location on 14th Street and Grand Street.

Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard

Ben Shaoul's former Liberty Toye sales office is now for rent on Avenue B

The former sales office for Ben Shaoul's Liberty Toye condoplex is now for rent at 44 Avenue B between Third Street and Fourth Street.

According to the listing at Steve Croman's 9300 Realty, the asking rent on the 1,500-square-foot space is $9,995 per month. The listing notes that this is "one of the hottest areas in NYC" and "Food Use is okay."

Before Shaoul's Toye team took over the long-vacant space last fall... the address was a laundromat.

Shaoul's Magnum Real Estate reportedly sold the nursing home-turned-residential building at Fifth Street and Avenue B for $85 million. (There isn't isn't any sign of this transaction yet in public records.)


[Photo from November]

Legal documents arrived on No. 44's front door earlier this summer stating that Shaoul owed the $9,300 base rent for March through June ... for a total of $41,345.91.

Ben Shaoul owes Steve Croman some back rent on Avenue B

In recent months, 44 Avenue B was in use as a sales office for Liberty Toye, Ben Shaoul's condo conversion a few blocks away at Fifth Street.

In early May, The Real Deal reported that Shaoul was in contract to sell the former nursing home for $85 million. The Liberty Toye sales office was vacated around that time.

Now, as several EVG readers have pointed out, there are legal documents taped to the empty storefront between Third Street and Fourth Street ... stating that Shaoul's Magnum Real Estate Group owes the rent dating back to March...





The Five Day Notice from the landlord, Steve Croman's 9300 Realty, shows that Shaoul owes the $9,300 base rent for March through June ... for a total of $41,345.91...



Shaoul has until Friday to pay or "surrender up the possession of said premises to the Landlord," the recently-released-from-prison Croman.

Shaoul and Croman are among the downtown landlords that elected officials, tenant advocates and residents often cite as the most aggressive in harassing tenants, as multiple published reports have noted through the years (here ... here ... here ... and here, as examples).

In 2012, Shaoul reportedly paid $25 million for the 240-bed Cabrini Nursing Center — which provided health care for low-income elderly residents in the East Village — and eventually closed it down for use as a residential building.

No word on who the new buyer is for 62 Avenue B.

Sales office vacated as Ben Shaoul reportedly sells Liberty Toye; building to return to rentals

Workers yesterday stripped away the Liberty Toye signage from the sales office with tinted glass at 44 Avenue B as rumors circulated that developer Ben Shaoul's Magnum Real Estate sold the nursing home-turned-residential building down the block.

The Real Deal reported yesterday that Shaoul was in contract to sell the condo conversion at Fifth Street and Avenue B for $85 million. The 81-unit building hit the sales market — bitcoin accepted! — as condos back in November, complete with a new name (Liberty Toye taking over for Bloom 62) and paint job.

Per The Real Deal:

Sources said Magnum now plans to withdraw the offering plan from the New York state Attorney General’s office and return deposits to buyers who’ve gone into contract. The property is expected to continue to operate as a rental, sources said.

At least 14 units are in contract, according to StreetEasy, ranging from a studio last asking $675,000 to a two-bedroom that was asking $1.55 million.

So this will apparently end 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.


[Photo from 2014]

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.


[April 2018]

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'

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

Ben Shaoul is selling Bloom 62 for $73 million — all cash!

1st signs of Ben Shaoul's Bloom 62 going condo on Avenue B?

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

Ahoy! It's Liberty Toye!

The building banner arrived last Thursday for Liberty Toye, the former nursing home and Bloom 62 apartment complex that Ben Shaoul is converting into a condoplex.


[Photo from 2014]

Sales got underway here on Avenue B and Fifth Street last November at the 81-unit building. Prices range from $660K to $1.8 million for buyers who may use Bitcoin for the purchase. Shaoul's sales team is renting an office at 44 Avenue B between Third Street and Fourth Street...



The Liberty Toye website lists 11 available units.

The site describes the neighborhood like this:

Creative energy runs through the East Village like a buzzing electrical current. Since the ’70s, a groundswell of artists, musicians, and iconoclasts put the neighborhood—and New York City—on the map as the place to be. It’s the birthplace of punk, the hub of counterculture, the lightning rod for the city’s kinetic spark. Today, elements of the neighborhood’s history mix with new hotspots that carry the torch.

The 240-bed Cabrini Center for Nursing and Rehabilitation closed for good in June 2012 after Shaoul purchased the building ... eventually converting it into apartments. Bloom 62 started renting in May 2013. Prices topped out at $7,600 for a four-bedroom apartment.

Previously on EV Grieve:
More details on Cabrini's closing announcement

A look at the 'Hip young crowd planting roots at Bloom 62'

1st signs of Ben Shaoul's Bloom 62 going condo on Avenue B?

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'

Construction (and gold-dusted brick) watch: 196 Orchard St.

An EVG reader who had been away for a little while wrote in to discuss Ben Shaoul's in-progress condoplex on East Hosuton between Ludlow and Orchard.

Per the reader: "Jesus — that is a monstrosity over Katz's."

Anyway, here are a few photos from Sunday showing the progress at the 11-story 196 Orchard St., which will include an Equinox in the retail space... it's nearly bricked all the way up — with windows too...



As for those bricks (as noted before), the developers allegedly went a long way for them...



Back in late January, Architectural Digest took a look-see at the project and heard from Adam Rolston, creative and managing director at INC. Architecture & Design.

“We felt that a traditional glass structure didn’t mesh with the surroundings,” says Rolston, who looked for a material humble enough to belong in the neighborhood that had been home to waves of immigrants over decades, but luxurious enough to attract a contemporary resident.

He found such a candidate in artisanal Spanish bricks infused with gold dust that will gradually oxidize and become darker over time. Produced by the 130-year-old manufacturer Cerámica La Covadonga, the bricks form the instantly recognizable lower exterior building façade and were flown in from the Spanish village of Cadaqués (also known for its anchovies, and a source of inspiration to the painter Salvador Dalí). They symbolize the eclectic and transformational nature of the neighborhood.

And...

Sixty-thousand bricks were used for the building, each infused with 24K-gold dust.

The homes here range from studios ($965,000) to four-bedroomers ($6.5 million).

Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard

Send a salami to your boy next door in the condo

Noted

The Robb Report checks in today with an update on Ben Shaoul's 11-story, 94-unit condoplex on East Houston at Orchard Street.

Adam Rolston, creative and managing director at INC. Architecture & Design, discusses the handmade glazed bricks that they imported from a small fishing village in Spain for this development.

Rolston wanted a handmade, metallic-glazed brick that would evoke the old-world character of glazed terra-cotta while also bringing a touch of luxury. He found it in Cadaqués, a small community in Spain formerly visited by artists such as Picasso and Miró. “We went to Europe to find a handmade, metallic-glazed brick — and specifically the Costa Brava of Spain where this particular handmade brick-making tradition survives,” Rolston says.

And!

The hand-laid, gilded-bronze brick — which reaches the second floor of the building — is infused with gold dust that becomes more golden over time as it oxidizes in the air. Imported directly from Cadaqués, the brick cannot be replicated in the United States, meaning that the building has a truly distinct and one-of-a-kind look.

The building will also benefit from a truly distinct and one-of-a-kind aroma from Katz's next door.

Previously on EV Grieve:
Making way for Ben Shaoul's new retail-residential complex on East Houston

Katz's is now the last business on East Houston between Ludlow and Orchard

Send a salami to your boy next door in the condo

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

[Liberty Toye's sale office at 44 Avenue B]

As previously mentioned (here and here and here), Liberty Toye is the name of Ben Shaoul's condoplex taking over his nursing-home replacing rentals at 62 Avenue B.

And now sales are underway at the 81-unit building at Fifth Street. Here's the eye-rolling description::

Liberty Toye is located in the legendary East Village. Born in the creative clash of the 70’s and rocketing to iconic status in the 80’s, the neighborhood emerged as the epicenter of cool, producing a galaxy of stars and shaping an indelible worldview of New York City.

Today, at 62 Avenue B, stands Liberty Toye at the very crossroads that cradled the Culture of Cool. Modern luxuries abound in this urban sanctuary, where studio, one and two bedroom condominiums and private outdoor spaces provide the setting for the next chapter in the epic tale of downtown grit and glamour.

A lush entry garden leads to the marble and brass lobby where a doorman waits to greet you 24 hours a day. Experience a full suite of amenities, a recreation room, fitness center with a yoga room, and a landscaped roof deck outfitted with grills, dining areas, a lounge, an outdoor shower, and a 360-degree view of the vibrant city.

A residence at Liberty Toye evokes the allure of downtown New York City with a style all its own. Available as studio, one and two bedroom condominiums with dark-stained or light grey stained hardwood floors throughout. The kitchen features custom cabinets, white marble counters, and brushed brass fixtures, and is completed by stainless steel Bosch appliances. Bathrooms complement the space with white marble, chrome fixtures, and grey vanity with touches of brushed brass.

And here are photos of the model homes ... featuring framed photos of Joey Ramone, Grace Jones and Debbie Harry, among others...





Prices range from $660K to $1.8 million for buyers who may use Bitcoin for the purchase. (Shaoul's sales team is renting an office from the imprisoned Steve Croman at 44 Avenue B between Third Street and Fourth Street.)

Shaoul previously leveraged the neighborhood's history to potential renters at Bloom 62 in May 2013 with this unforgettable copy:

It sounds impossible: a fully-appointed luxury building has sprouted in the beating heart of the East Village. A 24-hour doorman greets you before work in the morning, after returning from a cafe in the evening and when heading out to Tompkins Square Park on the weekends. You'll have every modern convenience, from a gym to a roof deck to in-unit laundry, on the same streets where names like The Ramones, Warhol and Hendrix and [sic] paved the history of this neighborhood for years to come.

Previously on EV Grieve:
More details on Cabrini's closing announcement

A look at the 'Hip young crowd planting roots at Bloom 62'

1st signs of Ben Shaoul's Bloom 62 going condo on Avenue B?

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

Liberty Toye now lighting up Avenue B

As previously mentioned, Liberty Toye is the name of Ben Shaoul's condoplex taking over his nursing-home replacing rentals at 62 Avenue B.

And now, the sales office at 44 Avenue B between Third Street and Fourth Street sports neon signage ...



There's still just a teaser site up to request info about the condos on Avenue B and Fifth Street, where yesterday workers removed the Bloom 62 banner on the north-facing wall...



Bloom 62 started renting in May 2013. Prices topped out at $7,600 for a four-bedroom apartment.

Shaoul recently announced that he will accept Bitcoin for Liberty Toye, where units will run between $700,000 and $1.5 million.

Previously on EV Grieve:
More details on Cabrini's closing announcement

A look at the 'Hip young crowd planting roots at Bloom 62'

1st signs of Ben Shaoul's Bloom 62 going condo on Avenue B?

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


[Photo from 2012]

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

A sidewalk bridge arrived back on Thursday to surround the soon-to-be-former Bloom 62 on Avenue B and Fifth Street.

Ben Shaoul, president of Magnum Real Estate Group, is in the process of redeveloping the rental property into a condoplex called Liberty Toye. (Read my post on this here.)

There's nothing on file with the DOB yet to shed any light on what work is going to take place here. (There is a permit for the sidewalk bridge.)

Shaoul recently announced that he will accept Bitcoin for Liberty Toye, where units will run between $700,000 and $1.5 million.

Per CNBC:

"Initially, we expect to see a small number of sales in bitcoins. But over the next five or 10 years, I could see up to 25 percent of payments happening in bitcoin or a like digital currency.

"It's going to be the future," he continued, "and a lot of developers will start to adapt and offer the same option."

Shaoul was also featured in this Global Mansion article on cryptocurrency in the global real-estate market.

"Our buyer has evolved, they've moved from mom and pops to young people who want to pay with various forms of payment. Cryptocurrency is something that has been asked of us — 'Can you take cryptocurrency? Can we pay that way?' — and of course when somebody wants to pay you with a different form of payment, you're going to try to work with them and give them what they want, especially in a very busy real estate market."

Shaoul ... admits that there is currently a lot of inventory in the market, and therefore having an edge over his competitors is especially key. Bitcoin, he hopes, will be that edge.

"I think the demographic of the crypto user is a younger millennial, but, that being said, you have a lot of people come over from other countries, who are buyers from different places, who like to trade in different types of currency. Not everyone wants to trade in dollars or yen or euros," Shaoul said.

And he claims there is already a lot of interest in Liberty Toye, though not necessarily from current renters or NYC residents.

Since he announced that he’ll accept bitcoin for purchases in his East Village project a few days ago, Mr. Shaoul said he’s received dozens of emails and calls expressing interest from overseas buyers in China and other Asian countries.

The Liberty Toye office will be at 44 Avenue B between Third Street and Fourth Street in a former laundromat owned by Steve Croman.



Before becoming a place for wealthy overseas buyers, the building at Fifth Street 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.

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'

1st signs of Ben Shaoul's Bloom 62 going condo on Avenue B?

1st signs of Ben Shaoul's Bloom 62 going condo on Avenue B?

Almost two years ago to the day news arrived that developer Ben Shaoul was planning to convert his Bloom 62 rental building on Avenue B into a condominium property.

The Real Deal reported on Oct. 8, 2015, that 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.

Meanwhile, there has been speculation that the under-renovation storefront at 44 Avenue B between Third Street and Fourth Street (a Steve Croman property) would serve as the sales office for the condos.

On Friday, an EVG reader spotted this signage on the storefront with newly tinted windows...



The sign says Liberty Toye coming soon to 62 Avenue B, Bloom 62's address ...



There's a generic website where interested parties can request more info for a building that will presumably be going by Liberty Toye...



As of this past weekend, there were 10 Bloom 62 rentals — with an average price of $4,899 — on the market at Streeteasy...



Before becoming a luxury rental, the building at Fifth Street 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.

After Shaoul took over, the rental building quickly became a party palace, with residents enraging neighbors with rooftop DJ parties. Shaoul cracked down on the rooftop ragers in the summer of 2015. Maybe not good for upcoming condo business.

In March 2015, Shaoul put Bloom 62 on the market … with an $80 million asking price. However, he later pulled the building off the market.

Liberty Toye 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!