Minrav Development aims for $57M in sales at Yorkville condo

The project is one of three Mahattan developments the Israeli company is currently working on

New York /
Jul.July 20, 2018 12:30 PM

Clockwise from left: 427-East 90th Street, Yehuda Mor, and Lior Carucci (Credit: CityRealty and Minrav)

Yehuda Mor and Lior Carucci’s Minrav Development is looking to sell 21 condominium apartments for a total of $57 million at 427 East 90th Street in Yorkville, an offering plan filed this month with the New York State Attorney General’s office shows.

The Israel-based development company first filed building permit applications to replace a limousine garage with apartments in 2017. Isaac Stern & Architects is designing.

The $57 million projected sell out means apartments will average $2.7 million, which is roughly equivalent to the greater Manhattan sales median for new development condos, according to reports from appraisal firm Miller Samuel.

Minrav declined to comment. In May, the company paid $64 million for a Kips Bay development site from Itzhaki Properties and Continental Ventures. In February, it bought the Turtle Bay Music School for $11 million. Minrav’s Israeli residential arm, Minrav Projects, debuted on the Tel Aviv Stock Exchange (TASE) last year.

Small-scale luxury condo projects like 427 East 90th Street have been popping up frequently in Yorkville, the neighborhood writer Jonathan Franzen hazarded to call “last middle-class neighborhood in Manhattan” in a New York Times Magazine profile last month. At 350 East 86th Street, Extell Development is at work on a 20-story condo.


Related Articles

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn)
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
arrow_forward_ios

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

Loading...