Ben Shaoul Plays Up Katz’s Deli for Sales of New Development at 196 Orchard Street

Posted on: January 5th, 2016 at 5:18 am by
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With the plywood surrounding the mud pit in tatters, developer Ben Shaoul is finally adding some branding to his forthcoming development at 196 Orchard Street. As of yesterday, there is now dedicated wrapping along the outer boards (plus, flashy website). And it’s enough to induce upchuck.

The imagery and message rely heavily on the longtime presence of Katz’s Deli at its eastern flank. It promises “culture and cuisine” with the face of a hat-wearing fashionista. Assuming, however, that you can fork over more than $1 million to call this place home.

As previously reported, the new 196 Orchard Street sports 94 luxury apartments, split between studios (555 square-feet) and one-bedrooms (655 square-feet). 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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So, the question burning on our minds is, how long before these future tenants start bitching about the smells emanating from the kitchen of Katz’s? You’ll recall, of course, the hoopla over that one tenant in The Ludlow who moved away in 2009, partially due to the scents here.

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.

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

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