Avdoo nabs $145M construction loan for Upper East Side development

Avdoo is ready to go vertical on the Upper East Side.  Shlomi Avdoo’s firm secured $145 million in construction financing from Valley National Bank for its project at 242 East 71st Street, The Real Deal has learned.  Avdoo bought the Upper East Side site, which sits on the corner of 71st Street and 2nd Avenue, for $52 million last year, backed by $32.2 million in financing from Valley National. The developer is planning a 22-story condo tower with 50 units and ground-floor retail.  The loan is the latest financing partnership between Avdoo and Valley National, which has provided acquisition loans, […]

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