Avdoo Lands $145M for Upper East Side Condo Project
The firm has a total of five luxury developments across Manhattan and Brooklyn.
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Avdoo & Partners Development has received a $145 million construction loan for a condominium project at 242 E. 71st St., in Manhattan’s Upper East Side, marking the firm’s first development in the neighborhood. Valley National Bank issued the financing package.
Upon completion, the project will enclose 50 luxury residences for sale, as well as retail space, across a total of 22 stories. The apartments will have two-, three- and four-bedroom layouts, according to New York YIMBY. The development was designed by Robert A. M. Stern Architects. Completion is scheduled for 2028.
Avdoo purchased the site in 2025 for $52 million, using a $32.2 million acquisition note originated by Valley National Bank. In October 2025, the ownership demolished the former building that stood on the site—a five-story, 50-unit property which was completed in multiple phases between 1910 and 1925.
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The future condominium tower will rise five blocks east from Central Park, adjacent to the subway station of 72nd St., on lines N, Q and R.
Avdoo plays the condo field
Avdoo has a total of five active developments across Manhattan and Brooklyn. Last year, the company paid $63 million for a site at 68 King St., in Hudson Square, with plans to build a residential community. Also in Manhattan, the firm has a multifamily project in the Gowanus neighborhood. In Brooklyn, Avdoo is building 110 Boerum Place, a boutique development currently 70 percent sold, along with Boerum Hill, another condominium community also nearly sold out.
Within a 1-mile radius, the luxury project at 242 E. 71st St. is surrounded by 16 properties in different phases of construction, slated to add more than 3,100 units to the market, according to Yardi Matrix information.
