Turken Foundation borrows $35M from Islamic Development Bank for development in Murray Hill

The nonprofit Turken Foundation as borrower signed a loan agreement with lender the Saudi Arabia-based Islamic Development Bank valued at $35 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 766 2nd Avenue in Murray Hill. The deal closed on June 30, 2020 and was recorded on September 16, 2020.

Turken Foundation is building an 80-unit, 61,515-square-foot residential building on the site, based on plans filed in 2017 and permitted in 2018. The foundation provides housing for Muslim students, according to the organization’s website. The last time the property sold was March 2, 2015, for $15,588,788. There is no other debt on the building.

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 $70,000.There has been one new building permit application totaling 61,515 square feet. Those plans include a total of 80 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link