Ben Shaoul Paid $75M for the Bereket Development Site at Orchard and East Houston [UPDATED]

Posted on: April 21st, 2015 at 5:10 am by
This image has been archived or removed.

A year and a half later, Ben Shaoul finally closed on the deal to acquire the southeast corner of Orchard and East Houston. We’ve known all along that the Sledgehammer was developing the corner plot, but now it’s official. The Real Deal picks up our story scraps and reports that Shaoul, along with Real Estate Equities Corp., purchased the assemblage of one-story stores for a combined $108 million.

UPDATE: The Real Deal listed the incorrect price. It was sold for $75 million. Still astounding, though.

That’s not a typo. The sale price includes the four properties on the corner and the air rights from Katz’s Deli, which remains unaffected by the deal.

The purge of businesses began last year, and continued right up through last week, when Karaoke Boho and 200 Orchard bar were both booted. Some of the commercial tenants were able to relocate (Taqueria, Empanada Mama, Karaoke Boho), while others were’nt so lucky.

As previously reported, a ten-story (120 feet) mixed-use tumor is planned for the development site. The project boasts 94,923 square-feet of residential area and a commercial footprint of 13,463 square-feet. There will be 83 dwelling units and community facility space for a “physical culture establishment” (possibly a for-profit gym which isn’t typically allowed). Retail is part of the equation, as well.

The building fronts 100 feet along East Houston Street and roughly 120 feet along Orchard Street.

Recent Stories

LES Synagogue Pursues Removal of Deed Restriction to Redevelop for Residential

As reported last month, the Lutowisker Synagogue on the eastern fringe of Delancey Street is headed toward redevelopment. The congregation, which owns the building and has been present on the Lower East Side since 1877, hopes to construct housing atop its house of worship. The proposal as it stands is to expand the building at […]

Famous Hakki Opens ‘Cluck’s’ Fried Chicken Spot on Essex Street

Famous pizza maker Hakki Akdeniz just unveiled his latest fast food concept. It’s chicken-focused fast food and seems poised to collect plenty of cash from weekend revelers in Hell Square. Cluck’s debuted last week at 115 Essex Street, mere steps from Hakki’s Champion Pizza. The signature menu offering here is the “chicken cone,” which is […]

Caught Red-Handed: Spa Ordered Shut for Prostitution

Yet another Lower East Side “spa” is busted for prostitution. Grand Healing at 297 Grand Street was ordered shut by the police department at the end of October. It precedes the sex-related closure of Good Luck Spa on Orchard Street, yet appears part of the same crackdown. (Just take a look at that calligraphy in […]

City Honors Sun Yat-Sen with Plaza and Permanent Statue in Columbus Park

Mayor de Blasio, Councilwoman Margaret Chin, and other politicians this week dedicated a slice Chinatown’s Columbus Park to Dr. Sun Yat-Sen. This past Tuesday, what would have been the 153rd birthday of the founding father of China, also marked the return of the bronze statue after the city excavated a new permanent home. The area […]

Enter the ‘Lion’s Den’ with Lee Quinones on Delancey

An iconic handball mural from one of the local greats is again on display. Strolling down Delancey Street this past week, you may have noticed the fifteen-foot replica of Lee Quinones‘ “Lion’s Den” mural. It’s fastened to the facade of the James Fuentes Gallery as part of his one-man show there. The “Lion’s Den” dates […]