Luxury condos being developed by Ben Shaoul and Real Estate Equities Corp. at East Houston and Orchard streets will reportedly start just below $1 million. Here’s the story from the Real Deal:
Another developer is seeking to capitalize on demand for “affordable luxury” condos downtown. Prices at Ben Shaoul’s new Katz Deli-adjacent condominium, designed by Ismael Levya Architects, will start at just under $1 million for studio apartments and $1.23 million for one-bedroom units… With studio sizes starting at 555 square feet and one-bedroom homes starting at 655 square feet, that pegs the starting price per square foot above $1,800. The total blended price per square foot is likely to top $2,000 a foot, however.
The building at 196 Orchard St. will have 94 residential units and a 30,000 sq. ft. Equinox gym. Sales will be handled by Leonard Steinberg of Compass Real Estate. Shaoul paid about $75 million for several parcels on Orchard and East Houston streets. Several local businesses, including the beloved Bereket restaurant, were forced to close or relocate as a result of the transactions.
As the Real Deal noted, the “affordable luxury” market is all the rage on the Lower east Side. Apartments at 100 Norfolk St. and 50 Clinton St. were also priced in the $1-$3 million range, intended to snare affluent first-time buyers. The apartments are undersized but include luxury finishings and amenities meant to entice younger professionals. .