Ben Shaoul’s Magnum buys stake from Arbor at SoHo mixed-use valued at $19.5M, borrows $25M

Ben Shaoul’s Magnum Real Estate Group through the entity 6 Greene Street MREG LLC acquired a 75 percent interest from Arbor Realty Trust through the entity Amac Canal Holdings LLC in the 12-unit residential elevator building (D5) at 6 Greene Street in SoHo, Manhattan, valued at $19.5 million. The building at the corner of Canal Street has an alternate address of 329 Canal Street.
At the same time, Shaoul borrowed $25 million Arbor Realty Trust, composed of an $18.7 million refinance of existing debt, and $6.3 million in renovation construction debt.
The sale closed on September 30, 2025 and was recorded on October 8, 2025. The property has 33,374 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $584 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Arbor bought the property on December 18, 2015, for $24 million. This is the sale of a 75% interest in the property, with the full value $19.5 million. It’s unclear if Arbor retains 25 percent or if Shaoul already owned 25 percent and now controls the entire property.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Magnum Real Estate Group purchased two properties in one transaction for a total of $17.6 million and sold three properties in two transactions for a total of $20.6 million over the past 24 months.
The seller Arbor Realty Trust purchased five properties in five transactions for a total of $10.9 million and had not sold any properties over the same time period.

The property

The residential elevator building with 12 residential units in SoHo has 33,374 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 101 feet deep with a total lot size of 5,873 square feet. The lot is irregular. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $7.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,800 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 21, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 19 commercial properties representing 105,951 square feet of the 172,979 square feet. The largest owner is United American Land, followed by Churchill Real Estate Holdings and then Arbor Management Acquisition Company Aka Amac Holdings.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 172,979 square feet of built space are mixed-use buildings, with elevator buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Arbor Realty Trust owned at least five commercial properties with 99 residential units in New York City with 99,340 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Magnum Real Estate Group owned at least three commercial properties with 37 residential units in New York City with 34,476 square feet and a city-determined market value of $15.6 million. (Market value is typically about 50% of actual value.) The portfolio has $193.5 million in debt, with top three lenders as Ares Management, BH3 Management, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 79 percent of the 34,476 square feet of built space are elevator properties, with retail properties next occupying 14 percent of the space. They are all located in Manhattan.

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