Avdoo Secures $145M Loan for Upper East Side Condo
Valley National Bank financed the 22-story condominium project at 242 E. 71st St., the developer's first project in the neighborhood.
Updated on Nov. 11, 2026 in Construction
Avdoo & Partners Development received a $145 million construction loan from Valley National Bank for a condominium project at 242 E. 71st St. on Manhattan's Upper East Side. The 22-story tower will include 50 luxury residences for sale along with retail space.
Why it matters
The financing signals continued lender confidence in large residential development in Manhattan, where new condominium supply remains limited. For residents of New York City, the project adds to the pipeline of new luxury housing on the Upper East Side.
The $145 million loan is nearly three times the $52 million Avdoo paid for the site in 2025, which was financed in part by a $32.2 million acquisition note from Valley National Bank. The source does not disclose loan terms or projected sales prices for the 50 residences.
The players
Avdoo & Partners Development
A New York developer that has built condominium projects in Brooklyn and Manhattan and is behind the 242 E. 71st St. tower.
Valley National Bank
A regional U.S. bank that issued both the acquisition note and the construction financing package for the project.
Robert A. M. Stern Architects
A New York architecture firm known for designing high-profile residential and institutional buildings in the city.
The details
The project will enclose 50 luxury residences for sale and retail space across 22 stories, with two-, three- and four-bedroom layouts. Robert A. M. Stern Architects designed the building, and completion is scheduled for 2028.
Timeline
2025: Avdoo purchased the 242 E. 71st St. site for $52 million.
October 2025: The former five-story, 50-unit building on the site was demolished.
2025: Avdoo paid $63 million for a site at 68 King St. in Hudson Square.
2028: Scheduled completion of the condominium project.
Market Landscape
The project continues a wave of luxury condominium development on Manhattan's East Side, where developers are replacing older, smaller buildings with large new towers. Avdoo's pairing of an Upper East Side tower with a Hudson Square site places the firm among active mid-size developers competing for prime Manhattan land.
For New York residents, the project adds 50 new condominium units to the Upper East Side housing market, though the source does not list prices. Buyers and neighbors should expect construction activity at the site ahead of the scheduled 2028 completion.
The takeaway
Large construction loans like this one show that lenders are still financing new high-end housing in Manhattan despite high costs. Readers tracking the city's housing supply can watch projects like this one for when they reach market.
Further reading
For more on local building activity, explore Construction coverage across the city.
Source note: This article includes information reported by 301 Moved Permanently.
