Elad Group Secures $140.3M Construction Loan From Valley National Bank For Lenox Hill Condominium

The Elad Group has secured a $140.3 million construction loan from Valley National Bank for a residential condominium project located at 1299 3rd Avenue in Lenox Hill, Manhattan. The project, known as the 201 East 74th Street Condominium, consists of 42 units. The prior lender for this project was also Valley National Bank, which had provided an original loan amount of $40.9 million.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $140.3 million
• Units: 42
• Lender: Valley National Bank
• Loan Type: Construction
• Landlord: Elad Group

Oren Sapirstein and Christopher Gregg from Valley National Bank served as the lenders for this transaction, while Orly Daniel represented the Elad Group as the landlord.