Avdoo & Partners Development announced the closing of 242 East 71st Street, the site of a forthcoming residential project in the Lenox Hill section of Manhattan’s Upper East Side. The developer secured the assemblage, which consists of four low-rise buildings from 1341-1347 Second Avenue as well as the titular property at 242 East 71st Street, for $52 million with a loan provided by Valley Bank. The nearly 10,000-square-foot lot is located at the corner of Second Avenue and East 71st Street.
No details have been announced regarding the scope of the new project.
“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.”
The below Google Street View images show the set of four low-rise structures along Second Avenue and the lone structure on East 71st Street. All five buildings have been vacated and are scheduled to be demolished later this year to form a large rectangular parcel.
Image via Google Maps.
Image via Google Maps.
Image via Google Maps.
The developer is currently working on several other properties, including Bergen in Boerum Hill, a multifamily development at 601 Union Street in Gowanus, and a 21-unit condominium at 110 Boerum Place in Cobble Hill.
242 East 71st Street is located one block south of the 72nd Street subway entrance for the Q train.
A detailed construction timeline, architect, and renderings have yet to be revealed. However, the development team is targeting a construction start date later in the year.
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Sounds promising
Guess the city has to grow, but walkability will disappear
Fried meatball carts should not be parked, in areas that are going to be demolished: Thanks.