44.2 F
New York
Friday, March 29, 2024

Israeli Investors Develop  Condos in East Harlem

Related Articles

-Advertisement-

Must read

Bank Hapoalim has already lent the Israeli partners $14 million for acquisition and construction of the property

The building under construction, at 1790-1792 Third Avenue in East Harlem, will decidedly become a 52-unit condominium, according to filings with the NYS Attorney General’s office this week. Owned by Israeli investors Udi Gilboa and Yoram Avner, the target sellout for the condos is an impressive $48 million. Formerly the site of a pair of two-story buildings, the property was purchased for $5.75 million towards the end of 2013. Situated between East 99th and 100th Streets and encompassing 48,377 gross square feet of space, the plans for the new 13-story building will make it the tallest structure there. The building is being designed by IBI Group-Gruzen Samton. 

Last year, the design renderings indicated the project would be a 95-unit rental apartment building. According to the previously approved permits, reported by 6sqft, there were plans to have an ambulatory facility and commercial retail space at the ground floor of the building. The most up-to-date construction permit applications were filed by Moshik Zemach of Next City Real Estate. The building permit allows for 55 units. Bank Hapoalim has already lent the Israeli partners $14 million for acquisition and construction of the property, on which Mr. Avner is the signor.

The site is situated three avenues east of Mount Sinai Medical Center, and close to the Lexington Avenue Line’s 96th Street station, as well as the much anticipated Second Avenue subway line’s 96th Street station. The Real Deal speculated that the decision to turn the apartments into condos is possibly owing to growing optimism about east-side real estate, resulting from the opening of the new subway line on Second Avenue.

By Helen Zaboulani

balance of natureDonate

Latest article

- Advertisement -