Earlier this year, YIMBY revealed renderings of Magnum Real Estate Group and Real Estate Equities’ 10-story, 83-unit mixed-use building planned at 196 Orchard Street, on the Lower East Side. Now that demolition is complete on the site’s old commercial buildings, excavation work appears imminent, per Bowery Boogie. A pile driver has appeared on-site as well as other excavation equipment. Once complete, the building will also have 13,463 square feet of retail space on the ground floors, and Ismael Leyva is designing.
Real Estate Equities
Since YIMBY revealed Magnum Real Estate Group’s plans for 196 Orchard Street back in February, Real Estate Equities has partnered with Magnum to develop the 10-story, 83-unit mixed-use building. The two developers will soon close on the assemblage for $108 million, reports The Real Deal. Demolition of the existing single-story buildings should follow.