El Ad Group acquisition of 1297-1299 Third Avenue and 204 East 75th Street
We advised subsidiaries of El Ad on the acquisition and related financing
Davis Polk advised subsidiaries of El Ad Group, Ltd. on (i) its $61 million acquisition of vacant land located at 1297-1299 Third Avenue and 204 East 75th Street in New York, New York, as well as air and other development rights from a joint venture between affiliates of Continental Ventures and Premier Equities and (ii) a $41 million mortgage loan to finance the acquisition from Valley National Bank, a national banking association. The properties will be developed into 32-story luxury residential towers.
El Ad Group, a real estate investment and development company, is part of the Tshuva Group of Companies controlled by Isaac Tshuva, an Israeli businessman. El Ad Group is actively involved in residential and commercial developments in prime United States and Canadian markets with a portfolio of completed and current developments that include the acquisition, restoration and condominium conversion of the Plaza Hotel and the development of 108 Leonard Street, a luxury condominium project in the New York neighborhood of Tribeca.
Continental Ventures is a privately held real estate development, investment and management company that develops, owns and manages properties located in the United States and Canada. Premier Equities is a leading privately held real estate investment and management company that specializes in retail and commercial office properties in prime New York City neighborhoods.
Valley National Bank is a regional bank. Boasting more than 226 branches in New Jersey, New York, Florida and Alabama, Valley National Bank recently acquired Bank Leumi’s U.S. operations for approximately $1.148 billion.
The Davis Polk real estate team included partner Michael J. Rishty and associates Rachel M. Feldstein and Shua Mermelstein. All members of the Davis Polk team are based in the New York office.