Avdoo & Partners purchases 242 East 71st St. development site for $52 million

Manhattan, NY Avdoo & Partners Development closed on 242 East 71^st St. on the Upper East Side. Avdoo purchased the site for $52 million and Valley Bank provided the loan for the deal. As the firm grows its portfolio across Manhattan and Brooklyn, this acquisition signifies Avdoo’s first residential project on the Upper East Side. Construction will begin this year.

The nearly 10,000 s/f lot currently consists of five vacant buildings which will be demolished this year. Avdoo is known for placing design above all, working with architects and designers like Taller Frida Escobedo, Workstead, and INC, among other industry leaders who are at the forefront of design and shaping the urban landscape. The design for this building is intended to seamlessly weave 242 East 71^st Street into the historic architectural fabric of the Upper East Side.

“This acquisition demonstrates our firm’s fast-paced growth as we continue to make our mark on some of New York City’s most beloved neighborhoods,” said Shlomi Avdoo, CEO and founder of Avdoo. “Architecture and design will be at the heart of this preeminent Upper East Side development, and we look forward to unveiling more details in the coming months.”

Prominently situated at the corner of 71^st St. and Second Ave., the building’s location and programming will provide its resident community best-in-class lifestyle experiences inside and out. The surrounding neighborhood features tree-lined streets, convenient transportation, and a diverse array of luxury hospitality destinations and culinary options. The Upper East Side is also home to some of the city’s most renowned cultural establishments, such as The Met, which, in a few years, will unveil its new modern and contemporary art wing by Frida Escobedo, the same architect designing Avdoo’s Bergen in Boerum Hill.

242 East 71^st St. is one of many active developments in Avdoo’s portfolio, with even more in the pipeline. This closing comes at a time when Avdoo’s Boerum Hill development Bergen is one of the best-selling new condominiums in the city. Late last year, Avdoo closed on 601 Union St., where the firm is planning a multifamily project, and the groundbreaking for 110 Boerum Place, a 21-unit condominium on a site in Cobble Hill.