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

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.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

arrow_forward_ios