Minrav Development borrows $21M from Bank Hapoalim for construction in Midtown East

Lior Carucci and Yehuda Mor’s Minrav Development through the entity 244 E 52 Owner LLC as borrower signed a construction loan agreement with lender Bank Hapoalim valued at $21.3 million for 1 parcel, including the tax class private schools (W8) at 246 East 52nd Street in Midtown East. The deal closed on November 30, 2019 and was recorded on January 17, 2020.
The property contains a total of 9,429 square feet of built space. The property has 20,074 square feet of available development rights.
The average loan per buildable square foot is $1,059.
The last time the property sold was May 31, 2018, for $11,000,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.There has been one new building permit application totaling 20,033 square feet. Those plans include a total of 15 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link