Ben Shaoul’s Orchard Street Condo Complex Begins 10-Story Ascent

Posted on: June 6th, 2016 at 5:13 am by
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With sledgehammer shelved, so to speak, the erector set is on its way to assembly. No more pit status for the 196 Orchard project site.

The first few major building blocks are firmly in place at the forthcoming ten-story condo compound from controversial landlord Ben Shaoul. For the last several days, upper Orchard Street has been closed to traffic so that a crane can construct the southernmost supports for the building.

As previously reported, the ten-story development carries ninety-four apartments split between studios and one-bedrooms. Residents have access to the three-level Equinox gym onsite, plus landscaped roof terrace, and bicycle storage. Prices start at just north of $1 million, pitched as “mid-market luxury” housing.

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Ben “Sledgehammer” Shaoul, along with Real Estate Equities Corp., together purchased the gargantuan assemblage of twelve single-story stores two years ago from the Magnano family (which owned and operated Ray’s Pizza), and the valuable air rights from Katz’s Deli, for a combined $75 million. (Katz’s Deli made off with $17 million of the total, but the other businesses, like Bereket, foundered.)

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