Avdoo signs $47M construction loan with Valley for 21-unit condo project in Boerum Hill

UPDATED 11:45 a.m., September 17, 2025: The developer Avdoo through the entity Cobble Hill Owner LLC as borrower signed a construction loan with lender Valley National Bank valued at $47 million for the 21-unit condominium development at 110 Boerum Place in Boerum Hill, Brooklyn.
Shlomi Avdoo, principal of Avdoo, submitted a new building construction project for a 21-unit, 42,129 square-foot residential (R-2) building at 110 Boerum Place. The plan was filed on December 27, 2023 and was permitted on September 9, 2024. It calls for the construction of a 70-foot tall, six-story building and was filed with the New York City Department of Buildings under job number B00982051. The architect is Brent Buck Architects. The project is described in the filing as: propose new 6-story plus cellar residential use building as per plans filed.

Avdoo was formerly known as Avdoo & Partners.

On the tax lot, the most recent condominium plan was filed by COBBLE HILL OWNER LLC to create 21 residential units in a building at 110 Boerum Place in Boerum Hill, Brooklyn, called 110 Boerum Place Condominium that has a $100.2 million sellout, according to an January 22, 2025 submission to the New York State Attorney General. The principals of the sponsor, Cobble Hill Owner LLC, were Shlomi Avdoo and Yosi Cohen.
The deal closed on August 5, 2025 and was recorded on September 9, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $15.4 million.

The owner bought the property on July 25, 2023, for $20.1 million. The signatory for Avdoo was Shlomi Avdoo . The signatory for Valley National Bank was Roland M. Cablayan .

The property

The residential elevator building with 21 residential units in Boerum Hill has 68,306 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 17,467 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 million. Valley National Bank on February 20, 2025 bought a loan with an original principal of 15427458.0 from Blackstone Group signed by Shlomo Avdoo, secured by 96-110 Boerum Place, when owned by Avdoo & Partners Development.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $9,405 in ECB penalties and $9,405 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 10 of the 16 commercial properties representing 90,085 square feet of the 125,990 square feet. The largest owner is Avdoo & Partners Development, followed by Reda Holdings and then Eli Hamway.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 125,990 square feet of built space are mixed-use buildings, with retail buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Avdoo owned at least 20 commercial properties with 247 residential units in New York City with 267,849 square feet and a city-determined market value of $68.8 million. (Market value is typically about 50% of actual value.) The portfolio has $246.2 million in debt, with top three lenders as Valley National Bank, Bank Leumi, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 26 percent of the 267,849 square feet of built space are office properties, with walkup properties next occupying 20 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 41 percent of the space.

UPDATED with the new name for the developer, which is Avdoo. The prior version of the article used the prior name for the developer, Avdoo & Partners.

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