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Ben Shaoul Bought Up Lower East Side Condo Competition

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Developer Ben Shaoul spent $75 million total on air rights from Katz's Deli as well as four low-rise buildings surrounding the corner of Orchard and Houston streets in order to make way for a big (for the area) building with 83 condos. Turns out that the sum to amass a lot for 196 Orchard Street to rise also included the purchase of 194 Orchard Street next door. A six-story, five-unit building had been planned for the site, which currently houses a shuttered one-story retail space. So, Bowery Boogie reports, Shaoul threw $8.8 million at the problem: five measly apartments offering up a smidgen of competition to his project. That's what happens when you get in the way of a guy nicknamed the Sledgehammer. But then again, 194 Orchard owner Hesky Haim probably walked away with enough cash and few enough hassles to make scrapping his own plans all worthwhile.

· Ben Shaoul KO's that 6-Story Condo Project Planned for 194 Orchard Street [Curbed]
· 194 Orchard To Be Demolished, Reincarnated As Five Condos [Curbed]
· All 194 Orchard Street coverage [Curbed]
· Katz's Air Rights Made This Orchard Street Building Possible [Curbed]
· All 196 Orchard Street coverage [Curbed]