Updated Nov 10, 2026
Shlomi Avdoo Of Avdoo & Partners Development Secures $145M Loan From Valley National Bank
242 East 71st Street
$145,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 9, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 242 East 71st Street in the Upper East Side. The construction loan associated with this project amounts to $145,000,000, obtained for the development of a 22-story condominium tower. The site represents a significant investment within the market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $145,000,000
- Lender: Valley National Bank
- Landlord: Shlomi Avdoo - Avdoo & Partners Development
- Loan Type: Construction
The key individual behind the deal is Shlomi Avdoo, representing Avdoo & Partners Development as the landlord. This transaction highlights Avdoo's role in securing a substantial construction loan to facilitate the development of the condominium project at the specified address.
On the Map
$145,000,000
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93