New York Real Estate developer Ben Shaoul’s Magnum Management Real Estate has secured $71 million in funding for his Kips Bay dormitory project. This according to a statement that he made to Mortgage Observer.
His new construction spree comes after Shaoul reportedly settled a $50 million law suit with his parents back in May. Shaoul’s parents had accused him of skimming the profits off of rental buildings that they owned with him.
The loan was provided by Santander Bank and is for three years.
Located at 340 East 24th Street, corner of First Ave, the building site currently has a six story building that was constructed in 1961.
The plans are to build a 146, 000 square foot, 242 unit dormitory for the School of Visual Arts. It will have 14 floors and will be designed by Ismael Leyva Architects.
Shaoul bought the location for $32.3 million last year, together with his partner on the project, 40 North Properties
Earlier this month, Mr. Shaoul bought two Manhattan residential towers for a combined $27 million.