Avdoo & Partners Development purchased five buildings on the Upper East Side for $52 million, marking the firm’s first residential project in the neighborhood. The site, located at Second Avenue and East 71st Street, was financed with $32.2 million from Valley National Bank. The firm plans to demolish the existing structures, which include 50 apartments, a convenience store, and three restaurants. Avdoo has yet to decide whether to build condos or rental units, but is optimistic about the flexibility offered by New York’s new “City of Yes” zoning laws. Construction is expected to begin later this year.
Avdoo & Partners Development
