Valley National Bank, 2019 file: Ajay Suresh / Wikimedia (CC BY 2.0, cropped)
Avdoo & Partners Development has secured a $145 million construction loan from Valley National Bank for a condominium development at 242 East 71st Street on Manhattan’s Upper East Side.
The project is planned as a 22-story building containing 50 for-sale residences and retail space. Completion is scheduled for 2028.
Robert A.M. Stern Architects designed the development, which is Avdoo’s first project in the neighborhood. The planned homes will have two-, three- and four-bedroom layouts.
The construction financing follows Avdoo’s acquisition of the site in 2025 for $52 million. Valley National Bank also provided a $32.2 million acquisition loan for that purchase.
The former five-story, 50-unit building on the site was demolished in October 2025. It had been built in stages between 1910 and 1925.
The financing was reported Wednesday, adding a new construction loan to the developer’s Upper East Side project.
JBizNews Desk | New York
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