Minrav Development borrows $8M from Bank Hapoalim for acquisition of vacant land in Gramercy

Minrav Development through the entity 343 E 17 St Owner LLC as borrower signed a loan agreement with lender Bank Hapoalim valued at $7.9 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 343 East 17th Street in Gramercy. The deal closed on February 5, 2020 and was recorded on February 12, 2020.

This loan is for the $12 million purchase of a development site from CIM Group.
Minrav purchased another development site from CIM Group on the same day on the same tax block, and borrowed $18 million from Bank Leumi. 

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link