Permits & development · Deals & development · 11/09/2026, 2:00 PM
Avdoo lands $145M Valley National loan for Upper East Side condo tower
Shlomi Avdoo's firm secured $145 million in construction financing from Valley National Bank for 242 East 71st Street. The developer plans a 22-story condo tower with 50 units and ground-floor retail. Corcoran Sunshine data shows the Upper East Side had just 171 units on the market, with average asking prices near $3,300 per square foot, up over 40 percent in a year.
Reported by The Real Deal · New YorkRead the original ↗
What happened
Developer Avdoo, the firm led by Shlomi Avdoo, has secured $145 million in construction financing from Valley National Bank for its project at 242 East 71st Street on the Upper East Side. The Real Deal reported the loan on 11/09/2026.
The site sits on the corner of 71st Street and 2nd Avenue. Avdoo bought it last year for $52 million, backed by $32.2 million in financing from Valley National. The plan is a 22-story condo tower with 50 units and ground-floor retail. Sales are expected to launch in 2027 with Compass Development Marketing Group.
Valley National has worked with Avdoo before. According to The Real Deal, the bank provided acquisition loans, construction loans or both for the developer's last two Brooklyn condo projects and a Downtown Manhattan development site.
The Real Deal tied the project to tight supply on the Upper East Side. Citing Corcoran Sunshine Marketing Group, it said the neighborhood had just 171 units on the market as of the end of October. The average asking price last month was nearly $3,300 per square foot, up over 40 percent from the previous year.
Key facts
- Address
- 242 East 71st Street, corner of 71st Street and 2nd Avenue, Upper East Side, Manhattan
- Developer
- Avdoo (Shlomi Avdoo's firm)
- Lender
- Valley National Bank
- Construction loan
- $145 million
- Site purchase
- $52 million last year, with $32.2 million in Valley National financing
- Building
- 22-story condo tower, 50 units, ground-floor retail
- Sales launch
- Expected in 2027, with Compass Development Marketing Group
- Reported
- The Real Deal, 11/09/2026
What it means
Buyers and owners
This is a 50-unit luxury condo project in a neighborhood where The Real Deal cites low inventory and rising asking prices. Buyers should not expect sales to open until 2027.
Tenants and voucher holders
The reporting describes condos for sale and does not mention any rental or affordable units here. On the available facts, this project does not open a lottery or voucher option.
Landlords
The deal shows a bank still lending at this scale for Manhattan condo construction. It has no direct effect on small rental buildings.
The highlights
- Plans call for a 22-story tower at 242 East 71st Street with 50 condos and retail.
- Avdoo bought the 2nd Avenue corner site for $52 million last year.
- Sales are expected to launch in 2027 with Compass Development Marketing Group.
Why it matters Landlords
Banks are still funding new luxury condo construction in Manhattan, a sign of tight supply and strong pricing on the Upper East Side.
Not known yet
- The loan's interest rate, term and other conditions
- When construction will start and when the building is expected to be finished
- Planned sale prices for the 50 condos
- Whether any affordable units or tax benefits are part of the project
Background
In New York, a developer usually buys a site with an acquisition loan, then takes out a larger construction loan once plans are ready to build. New buildings need permits from the Department of Buildings (DOB) before work goes vertical. Before a sponsor can sell condo units, it generally must file an offering plan with the New York State Attorney General's office. Market-rate condo projects like this one are separate from affordable housing lotteries, which apply to buildings with income-restricted units.
Buildings in this story
- 242 East 71st Street · building facts and open city records
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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