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Magnum real Estate expands its New York empire.
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Ben Shaoul, the head of Magnum Real Estate Group, has reportedly closed a deal to acquire the Post Toscana and the Post Luminaria residential towers for a combined $270 million.
Located at 389 East 89th Street, the Post Toscano has 199 luxury apartments over 33 floors. Its residences feature dramatic, panoramic views of Manhattan along with other impressive features. Post Toscana also offers many amenities, such as a fully equipped fitness center, resident clubroom, 24 hour attended lobby, on site grocery store and a rooftop terrace with a garden.
The apartments range from, Lofts, studios, one-bedrooms, junior fours, two-bedrooms, three-bedrooms, and terraced penthouses. They have floor-to-ceiling panoramic windows with dramatic views, gourmet chef’s kitchens with granite countertops and floors, apple wood cabinetry, and stainless steel appliances. Also featured are well-appointed bathrooms with imported marble and polished chrome fixtures, a Washer/dryer in each apartment and oak parquet floors.
The building’s ground floor holds 11, 700 square feet retail space. It also boasts an Italian lobby of marble, limestone, onyx and polished woods.
The Post Luminaria is located at 385 First Avenue on the southeast corner of East 23rd Street in the Gramercy East neighborhood of Manhattan and has 138 luxury units. Its studios, one and two bedroom apartments boast floor-to-ceiling windows with dramatic views of the East River and Manhattan’s skylines, private terraces in select units, gourmet chef’s kitchens with maple-grain cabinetry, granite countertops and slate floor, well-appointed bathrooms with French limestone, and a washer/dryer in each apartment.
The building offers it residents the use of a fully-equipped fitness center, bicycle room and storage areas, a club room with pool table and large-screen entertainment system, a private rooftop garden and sundeck as well as a 24-hour attended lobby.
It ground floor holds 9, 400 square feet of retail space.
The two buildings were purchased from the Atlanta-based Post Properties, which built the residences with Ronnie Hackett’s Clarett Group in 2002 and 2003.
According to the New York Post, both buildings were pursued by many investors because their tax abatements are expiring and this will mark the end of rent stabilization rules.
As Ben Shaoul told the Post, “The plan is to ride out the abatement, and ideally, we would love to have all the renters convert to owners. The biggest thing in America is home ownership, and as interest rates are very low, you could own a unit here and pay the same out-of-pocket costs as your current rent. We want to do this at a price point so that people can stay in their apartments.”
Founded in 1997, Magnum Real Estate Group is a Manhattan based real estate management and development firm. Its most recent project is a 1, 892 square foot townhouse development in the Williamsburg neighborhood of Brooklyn.
Ben Shaoul is the president of magnum, which he co-founded together with his parents. He started in real estate management as an intern when he was nineteen years old. Shaoul manages thousands of rental units in New York City and has built several luxury condominiums in recent years, including the A Building in the East Village and Yves in Chelsea.
