Avdoo to Bring New Residential to Hudson Square With $63M Purchase

Avdoo, a real estate firm with more than 2 million square feet of residential and mixed-use properties in New York City, has purchased 68 King Street in Manhattan’s Hudson Square neighborhood for $63 million.

Valley National Bank provided $40 million in financing for the deal, while Avison Young’s Brandon Polakoff, James Nelson and Charles Kingsley arranged the deal on behalf of the seller, 185 Varick Realty Corporation.  

Valley National Bank also provided Avdoo with a $47 million construction loan to build a condominium in Brooklyn’s Cobble Hill neighborhood at 110 Boerum Place, as Commercial Observer previously reported. 

“As New York City roars back from the pandemic, new neighborhoods like Hudson Square are taking center stage as a result of investments from major corporations such as Google and Disney,” Polakoff said in a statement. “Keen investors and developers are taking note of these shifting trends and capitalizing on the opportunity to deliver novel residential projects to meet the growing demand.”

Avdoo plans to convert the King Street site — currently a six-story, 68,476-square-foot office building — into a luxury residential development. 

“68 King Street marks our second Manhattan acquisition this year, and we look forward to soon unveiling the visionary design team behind it,” Shlomi Avdoo, CEO and founder of Avdoo, said in a statement.

“At Avdoo, we collaborate with leading designers, from emerging talent to AD100 starchitects, to deliver architecture that enriches the communities we’re part of and elevates the lives of our residents,” Avdoo added.“This project is our opportunity to contribute to Hudson Square’s evolving cultural and architectural identity.”

Other residential properties in Avdoo’s portfolio include Bergen at 323 Bergen Street in Brooklyn’s Boerum Hill neighborhood. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.