Minrav Development borrows $18M from Bank Leumi for property in Gramercy

Yehuda Mor’s Minrav Development through the entity 305 First Ave Owner LLC as borrower signed a loan agreement with lender Bank Leumi USA valued at $18.3 million for 4 vacant parcels at 305 1st Avenue, 307 1st Avenue, 309 1st Avenue, 311 1st Avenue in Gramercy. The deal closed on February 5, 2020 and was recorded on February 11, 2020.

The last time the property sold was March 1, 2017, when CIM bought them as part of six parcel, $87 million purchase from Beth Israel.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years. The demolition included 6 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link