Minrav lands $117M loan for planned
Kips Bay resi tower

Israeli firm Bank Leumi is the lender

Nov.November 08, 2018 02:51 PM

Minrav Development’s Yehuda Mor and renderings of 368 Third Avenue (Credit: Minrav Development)

Minrav Development landed a $116.7 million loan for 368 Third Avenue, a planned 35-story residential tower in Kips Bay.

Israeli financial firm Bank Leumi provided the new loan package, which consists of a $42.5 million acquisition mortgage, a $48.2 million construction loan and a $26 million project loan, according to records filed with the city Thursday.

Minrav acquired the development site, located near the corner of East 27th Street, for $64 million in May from Itzhaki Properties and Continental Ventures. The developers — which paid $50 million for the assemblage in 2015 — had planned a 103-unit building that spans 113,000 square feet at the site. Minrav is expected to follow through on Itzhaki and Continental’s permits to build a 34-story tower. The latest filings with the Department of Buildings show that Minrav has since amended the plans to add a 35th floor.

Itzhaki and Continental were previously mired in a lawsuit at the site. The partners sued Midas Management, owner of the adjacent co-op building at 160 East 27th Street, over Broadway Alley, which is known as the last dirt road in Manhattan. The co-op was accused of violating a DOB order by maintaining locked gates that blocked the street. The two sides reached a settlement in March.

Minrav, which is headed by Yehuda Mor and Lior Carucci, is currently constructing a 21-unit condo building at 427 East 90th Street in Yorkville. It also recently filed permits for a boutique residential development at the former home of the Turtle Bay Music School. The firm declined to comment.

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