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

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.

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