Elad Group signs $140.3M construction loan for 42-unit condo in Lenox Hill

Elad Group through the entity El Ad East 74 LLC as borrower signed a new construction loan with lender Valley National Bank valued at $140.3 million for 42-unit residential condominium project at 1299 3rd Avenue in Lenox Hill, Manhattan.
On these lots, there is one active new building construction project for a 47-unit, 111,870 square-foot R-2 building. The project was submitted by Elad Group with plans filed March 7, 2018. On one of the tax lots, the most recent condominium plan was filed by EL AD EAST 74 LLC to create 42 residential units in a building at 1297 3 Avenue in Lenox Hill, Manhattan, called 201 East 74th Street Condominium, according to an January 31, 2023 submission to the New York State Attorney General. The principal of the sponsor, EL AD EAST 74 LLC, was Orly Daniell.
The deal closed on April 27, 2023 and was recorded on May 5, 2023. The prior lender was Valley National Bank which held debt that had an original loan amount of $40.9 million.

The signatory for Elad Group was Orly Daniel. The signatory for Valley National Bank was Oren Sapirstein and Christopher Gregg.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations, $3,155 in ECB penalties, and $3,155 in OATH penalties in the last year.

The block

On the tax block of 204 East 75th Street, PincusCo has identified the owners of 14 of the 26 commercial properties representing 90,989 square feet of the 207,883 square feet. The largest owner is Roni Abudi, followed by Reda Holdings and then Premier Equities.
On the tax block, there were two new building construction projects totaling 209,439 square feet. The largest is a 47-unit, 111,870 square-foot residential (R-2) building submitted by Elad Group with plans filed March 7, 2018 and permitted October 24, 2018. The second largest is a 38-unit, 97,569 square-foot residential (R-2) building submitted by EJS and filed by Bill Shaughnessy with plans filed May 9, 2022 and permitted February 2, 2023.

The majority, or 51 percent of the 207,883 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

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