62 Avenue B

Ben Shaoul in contract to sell incomplete Liberty Toye for roughly $85M: sources At least 14 unit buyers will get deposits back

Renderings of Liberty Toye and Ben Shaoul

Ben Shaoul is in contract to sell Liberty Toye — an incomplete 81-unit condominium conversion project in the East Village — for around $85 million, sources told The Real Deal.

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he deal values each unit aroun上海千花网论坛

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d $1 million, and it puts an end to Shaoul s tumultuous run with the property, at 62 爱上海同城论坛

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Avenue B, which he purchased for $25.5 million in 2011.

The identity of the buyer was not immediately clear, and Shaoul declined to comment.

In 2013, Shaoul s Magnum Real Estate Group converted the former nursing home into rentals, but residents of the building — then called Bloom 62 — threw raucous parties on the roof. Magnum shopped the site for $73 million and then $80 million in 2015, but ultimately plowed ahead with a condo conversion.

This past November, after a rebranding, Liberty Toye hit the sales market with a total sellout of $92.5 million, according to the offering plan. Magnum tapped Town Residential to market the units.

Sources said Magnum now plans to withdraw the offering plan from the New York state Attorney General s office and return deposits to buyers who ve gone into contract. The property is expected to continue to operate as a rental, sources said.

At least 14 units are in contract, according to StreetEasy, ranging from a studio last asking $675,000 to a two-bedroom that was asking $1.55 million.

The Magnum chief isn t the only developer rethinking development plans. In March, the owners of Cassa Times Square Hotel scrapped plans to convert the property into condos. The trio of investors — the Chetrit Group, Assa Properties and Read Property Group — decided to keep the 108 units as rentals. Chetrit also backed out of a $1.4 billion plan to convert the Sony Building into condos, and CL Investment scrapped the $300 million conversion at 287 Park Avenue.

On the Lower East Side, Shaoul is still developing 196 Orchard Street, which will have 94 units. Other 爱上海同城论坛

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nearby condo projects include 150 Rivington, a 45-unit proj上海夜网

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ect being developed by Cogswell Lee Development, and 242 Broome, a 55-unit condo by a joint venture of Taconic Investment Partners, L M Development, BFC Partners and Goldman Sachs.

Tags: ben shaoul, Commercial Real Estate, lower east side, Residential Real Estate
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