Ben Shaoul Paid $75M for the Bereket Development Site at Orchard and East Houston [UPDATED]
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A year and a half later, Ben Shaoul finally closed on the deal to acquire the southeast corner of Orchard and East Houston. We’ve known all along that the Sledgehammer was developing the corner plot, but now it’s official. The Real Deal picks up our story scraps and reports that Shaoul, along with Real Estate Equities Corp., purchased the assemblage of one-story stores for a combined $108 million.
UPDATE: The Real Deal listed the incorrect price. It was sold for $75 million. Still astounding, though.
That’s not a typo. The sale price includes the four properties on the corner and the air rights from Katz’s Deli, which remains unaffected by the deal.
The purge of businesses began last year, and continued right up through last week, when Karaoke Boho and 200 Orchard bar were both booted. Some of the commercial tenants were able to relocate (Taqueria, Empanada Mama, Karaoke Boho), while others were’nt so lucky.
As previously reported, a ten-story (120 feet) mixed-use tumor is planned for the development site. The project boasts 94,923 square-feet of residential area and a commercial footprint of 13,463 square-feet. There will be 83 dwelling units and community facility space for a “physical culture establishment” (possibly a for-profit gym which isn’t typically allowed). Retail is part of the equation, as well.
The building fronts 100 feet along East Houston Street and roughly 120 feet along Orchard Street.
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