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Sell-Offs

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Rumors floating around the East Village claimed that Ben "Sledgehammer" Shaoul was planning to sell about 40 neighborhood properties. No evidence of that has yet emerged, but Shaoul has listed six buildings on East Fourth Street for $53 million. A Massey Knakal broker pointed out that selling these buildings would be part of a Shaoul pattern: "He buys buildings that need some TLC, spends a couple years renovating them, maximizing the rent role and then he sells them for a profit and then goes on to the next project." [NYT; previously]