A Lower East Side building that was once a nursing home and is now an 81-unit market rate rental at 62 Avenue B at East 5th Street is being shown to investors and expected to sell for roughly $70 million. There is one retail unit in the process of being leased.
The Studley capital markets team of Woody Heller and Will Silverman is representing the project, which was developed by Ben Shaoul’s Magnum Real Estate with Meadow Partners.
All the apartments were designed for the LES lifestyle so they could be shared by young singles who appreciate the “doormanned” entrance. Rents average in the low-$80s per foot, and amenities include a landscaped roof deck and a gym. French flair for 14th Street
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