The Real Deal New York

Naftali Group-connected entity buys UES mixed-use building

Israel Discount bank provided $11M mortgage
By Kathryn Brenzel | September 18, 2017 03:55PM

1041 Madison Avenue and Miki Naftali (Credit: Getty Images)

An entity connected to Miki Naftali’s Naftali Group just closed on a five-story mixed-use building on the Upper East Side for $21.1 million.

The developer purchased 1041 Madison Avenue, a six-unit rental property between East 79th and East 80th streets. Israel Discount Bank provided an $11 million mortgage for the deal, filings with the city’s Department of Finance show.

Representatives for Naftali didn’t immediately return requests for comment. The buyer, 1041 Madison Owner LLC, is registered C/O the Naftali Group, Department of State records show.

The sellers, Albert Monasebian and Yusuf Bildirici, bought the property in 2014 for $15 million, city records show. The building is home to Gentile’s Fine Foods on the first floor and Michael’s, a women’s consignment shop, on the second floor.

Earlier this year, the Naftali Group sold 14 residential condo units at 275 West 10th Street, a rental-to-condo conversion, for $10.3 million. In July, rent-stabilized tenants filed a lawsuit against the developer, alleging that it refused to pay rent credits promised during construction.

Last year, Naftali tapped David Hochfelder, a former senior executive at RFR Holding, to head up the company’s acquisition team. At the time, Miki Naftali indicated the hiring meant the company would again start seeking opportunities after a two-year quiet period in which it hunkered down and focused on selling its projects.