Itzhaki and Continental scrap plans for Kips Bay tower, sell site for $64M

Israeli developer Minrav expected to proceed with resi project

New York /
May.May 02, 2018 08:45 AM

A rendering of 368 Third Avenue, the current site and Erez Itzhaki

Itzhaki Properties and Continental Ventures ditched plans for a Kips Bay rental tower in favor of selling the site to another developer for $64 million, sources told The Real Deal.

Minrav USA, the U.S. arm of Israel-based Minrav Development, closed Monday on the purchase of the development site at 368 Third Avenue, sources said. The site, which offers 116,000 buildable square feet, was delivered vacant.

Minrav is expected to follow through on the site’s approved plans, which called for a 34-story, 103-unit residential tower, sources said.

The price comes out to about $550 per buildable square foot.

Erez Itzhaki, who runs his namesake firm alongside partner Gil Boosidan, and Continental Ventures, led by CEO Amir Chaluts and president Jane Gol, acquired the assemblage at East 27th Street for $50 million in 2015.

The firms hired SLCE Architects and filed plans in 2016, but did not break ground. They quietly looked to sell either the entire site or a stake in it.

A JLL team led by Yoav Oelsner, Glenn Tolchin and Anthony Ledesma brokered the deal. Itzhaki declined to comment and the brokers, Minrav and Continental could not be reached.

The project’s Broadway Alley location, known as the last dirt road in Manhattan, was also recently tied to a lawsuit. Itzhaki and Continental accused Midas Management, which owns the adjacent co-op building at 160 East 27th Street, of “improperly using and maintaining” locked gates on the street in violation of multiple rulings from the Department of Buildings. The parties reached a settlement in March, court records show.

Minrav is also developing an 11-story, 21-unit residential building at 427 East 90th Street in Yorkville.


Related Articles

arrow_forward_ios
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)

$78.6M sub-performing loan on Union Crossing up for sale

$78.6M sub-performing loan on Union Crossing up for sale
The mall was already beset by 18 years of starts and stops (Getty)

Can the American Dream Mall survive the pandemic?

Can the American Dream Mall survive the pandemic?
Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty)

Retail foot traffic tanks on Black Friday

Retail foot traffic tanks on Black Friday
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...