Ben Shaoul's Magnum Real Estate Group Closes on Post Toscana and Post Luminaria

NEW YORK, Sept. 19, 2014 /PRNewswire/ -- Magnum Real Estate Group announced today that it has closed on two residential properties in Manhattan: the 199-unit Post Toscana on the Upper East Side and the 138-unit Post Luminaria in Gramercy. 

Magnum Real Estate Group, led by founder and president Ben Shaoul, purchased the buildings from Post Properties, an Atlanta-based REIT advised by Eastdil Secured, for roughly $270 million. Post Luminaria and Post Toscana were completed in 2002 and 2003, respectively, under a city tax abatement program that imposed rent regulations. These abatements are set to expire in June 2015, at which time Shaoul plans to reposition the buildings as condominiums. 

"Ideally, we would love to have all of the renters convert to owners," said Ben Shaoul, founder and president of Magnum Real Estate Group. "We are offering current tenants the option to purchase at price points that allow them to easily stay in their apartments and are exploring combination options for those seeking more space."

SOURCE Ben Shaoul