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