Construction of Lower East Side Luxury Condos Underway
Magnum Real Estate Group is partnering with Real Estate Equities Corp. to develop 196 Orchard, an 11-story luxury residential development located across from the famous Katz's Deli.
By Corina Stef
New York-based real estate developers Magnum Real Estate Group and Real Estate Equities Corp. announced that their latest luxury residential project, located at 196 Orchard St., in Manhattan, has begun to take shape. Upon completion, the 11-story project will encompass 94 individually designed apartments ranging from studios to four-bedroom units, sized from 573 to 1,831 square feet with prices between $1.07 million and $4.8 million. 196 Orchard will also comprise a two-story, 30,000-square-foot Equinox Fitness Club & Spa and two ground-floor retail units.
The project features high-end design elements provided by Incorporated Architecture & Design, wide-plank oak flooring, gallery-style lobby with a marble reception desk, oversized industrial-themed casement windows, ceiling heights of approximately nine to 12 feet, a 4,100-square-foot landscaped rooftop garden, 1,600-square-foot private terraces, dual outdoor kitchens with dining space, 24-hour attended lobby, as well as bicycle and basement storage.
Situated in Manhattan’s Lower East Side neighborhood, 196 Orchard is right across from the famous Katz’s Deli and is in close proximity to restaurants, wine stores, retailers, art galleries, music halls and parks, such as Peretz Square and Sara D. Roosevelt Park.
“We are thrilled to announce that construction at 196 Orchard is well underway and will soon offer elevated and luxurious living in such a dynamic, growing neighborhood,” Magnum Real Estate Founder Ben Shaoul said in a prepared statement. “In an era where so many buildings are being started but not finished, due to the difficulty of retaining extensive permits, we are eager to make these units available.”
Images via 196 Orchard’s website
