Minrav Development pays $28.5M to CIM Group for development site in Gramercy

305-311 First Avenue in Gramercy (Credit: Google)

Yehuda Mor’s Minrav Development through the entity 305 First Ave Owner LLC paid CIM Group’s 305 First Avenue (Ny) Owner, LLC $28.5 million for 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 transaction consists of 4 vacant parcels. Bank Leumi provided an $18.3 million acquisition loan to Minrav.

The last time the property sold was March 1, 2017, when CIM bought it as part of six parcel, $87 million purchase from Mount Sinai 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

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