A few more details about developer Ben Shaoul’s 12-story residential project coming to the intersection of Orchard and East Houston streets.
The Real Deal reported earlier this week that his Magnum Real Estate Group and Real Estate Equities Corp. paid $75 million for four single-story commercial buildings, plus air rights from Katz’s Deli, to create the development site. Now Commercial Observer notes that Shaoul has closed a $97 million loan to finance the project.
The building, which is being referred to as 196 Orchard St., will have 83 apartments. It apparently hasn’t been decided whether they will be rental or condos.
Yesterday afternoon, crews were working on the exterior of 203 East Houston St., located just to the west of Katz’s Deli. On April 21, the Buildings Department disapproved an interior demolition plan. Jake Dell, co-owner of the historic Lower East Side restaurant, tells us his family also sold this property to Shaoul, in addition to the development rights. There are protections in the agreement to assure that the deli’s building at 205 East Houston is not damaged during construction.