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

Israeli firm Bank Leumi is the lender

New York /
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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Estate Partners' David Aviram, FIA Capital Partners' David Goldwasser and Steve Croman (LinkedIn, Google Maps, Getty)
Steve Croman: I was duped by predatory lender
Steve Croman: I was duped by predatory lender
Ivanhoé’s Nathalie Palladitcheff, Cohabs’ Youri Dauber and James Grasso with Cohabs NYC co-living spaces (Cohabs, LinkedIn, Twitter/@ydauber, Ivanhoe Cambridge)
Co-living firm Cohabs raises $450M to continue expansion
Co-living firm Cohabs raises $450M to continue expansion
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
arrow_forward_ios

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

Loading...