Ben Shaoul Sells ‘East Luxe’ Development on 2nd Avenue for $29M
This image has been archived or removed.
East Luxe Unleashed
So much for the East Luxe development on Second Avenue. Landlord Ben Shaoul walked away from the converted rental building, having sold out to real estate investor Sunny Yung for $29 million. The accepted sale price was an approximate sixfold return on his initial investment of $5.6 million.
Shaoul purchased 31-33 Second Avenue back in 2011 and proceeded to strip it bare and construct an additional three stories. It’s completely unrecognizable from its former self. The result is the six-story East Luxe, a luxury rental building with 20 overpriced units ranging from $3,750 on the low end to $7,400 on the high end.
Meanwhile, Petco spinoff – Unleashed – is moving into the ground floor space, as previously reported. Their concept “provides the same knowledge and know-how offeredy by Petco in a unique, smaller package.” That’s likely a euphemism for Petco to appear as more of a mom-and-pop to further take over the industry. There are currently three locations of the store in Manhattan.
The burning question everyone wants to know, however, is whether that bullshit East Luxe name will remain intact.