It’ll Cost North of $1M to Own a Place Inside Ben Shaoul’s Bereket-Killing Condo

Posted on: December 16th, 2015 at 5:18 am by
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Ben Shaoul’s new ten-story development at the corner of Orchard and East Houston Streets – which killed off a slew of small businesses (including Bereket) – is still a mud pit fifteen feet below the road bed. Backhoes and other big machinery are busy with earth moving and drilling activities.

So, while the reimagined 196 Orchard Street is still nothing but a fancy computer-generated glossy, sales for the future upper-crust condos are about to go live.

Plans for its residential makeup have since changed, though. The updated tally is 94 luxury apartments, split between studios and one-bedrooms. It’s positioned as a “mid-market luxury condo” investment, with costs starting at “just under” $1 million for the former and $1.23 million for the latter.

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Rendering composite of Ben Shaoul and 196 Orchard St, Photo: Real Deal

The Real Deal reported the following:

With studio sizes starting at 555 square feet and one-bedroom homes starting at 655 square feet, that pegs the price per square foot above $1,800. Those starting prices put the building, at 196 Orchard Street, in roughly the same price bracket as 100 Norfolk Street, Adam America’s luxe condo project that sold out quickly last year.

The 11-story building will have 94 homes, ranging from studios to three-bedroom apartments, designed by interiors firm Incorporated. Amenities will include a two-floor, 30,000-square-foot Equinox gym for residents to use, a landscaped roof terrace and personal and bicycle storage.

Leonard Steinberg of Compass is handling sales, which will launch in early 2016.

The whole shebang is likely to block the lower reaches of the stupid Hotel Indigo lightshow that’s dominated the block.

Ben “Sledgehammer” Shaoul, along with Real Estate Equities Corp., together purchased this gargantuan assemblage of single-story stores for a combined $75 million. And lest we forget the valuable air rights from Katz’s Deli. This sale was rumored for nearly a year, but didn’t actually close until last April. Shaoul’s acquisition was made possible thanks to a cash injection of $97 million from SL Green.

Bereket closed for good in June 2014.

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