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
This image has been archived or removed.

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.

This image has been archived or removed.

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.

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 […]