Valley National Bank Lends $72M on Greenwich Village Condo Tower Project
By Andrew Coen July 10, 2024 3:28 pm
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Izaki Group has secured $72 million of construction financing to build a condominium tower in Greenwich Village, property records show.
Valley National Bank provided the loan on the developer’s planned 13-story condo building at 525 Sixth Avenue.
Israel-based Izaki Group acquired the property for $46 million in late 2021 when it consisted of two four-story mixed-use buildings, The Real Deal previously reported. The development firm owned by Ron Izaki filed plans for a 71-unit condo property in November 2022, according to TRD.
The excavation process recently commenced at 525 Sixth Avenue, with an estimated completion date of spring 2026, New York YIMBY reported in late March. BKSK Architects designed the 145-foot structure and Hunter Roberts Construction Group is the general contractor.
Officials at Izaki Group did not immediately return a request for comment. Valley National Bank declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
