Naftali Group-connected entity buys UES mixed-use building

Israel Discount bank provided $11M mortgage

TRD New York /
Sep.September 18, 2017 03:55 PM

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.


Related Articles

arrow_forward_ios
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Tony Malkin (Getty, iStock)

Empire State Realty Trust reports second consecutive quarterly loss

Empire State Realty Trust reports second consecutive quarterly loss
Michael Shvo and the Transamerica Building in San Francisco and  (Unsplash)

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Amazon CEO Jeff Bezos with (top to bottom) 5 Warehouse Lane in Elmsford in Westchester County, 2300 Linden Boulevard in Brooklyn and 1502 Bassett Avenue in the Bronx (Getty; Google Maps)

Amazon inks three warehouse deals for delivery stations

Amazon inks three warehouse deals for delivery stations
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
WeWork CEO Sandeep Mathrani (Wikimedia)

WeWork tells members you must pay rent

WeWork tells members you must pay rent
Equity Residential chairman Sam Zell (Getty)

Equity Residential sees profits drop 58%

Equity Residential sees profits drop 58%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...