Naftali lands $120M+ in financing for Upper East Side project

Money comes from Bank Hapoalim

TRD New York /
Jul.July 09, 2019 03:15 PM
1039-1045 Madison Avenue and Miki Naftali (Credit: Google Maps)

1039-1045 Madison Avenue and Miki Naftali (Credit: Google Maps)

For years, Naftali Group has been putting together a development assemblage along Madison Avenue. Now, the developer landed the financing it needs to move forward with a condominium project at the site.

Bank Hapoalim provided the developer with $120.4 million in construction financing for 1039-1045 Madison Avenue on the Upper East Side, according to property records. Architect Peter Pennoyer will design the project, according to Naftali.

The debt package includes a $16 million project loan, a $58.5 million building loan and a $45.9 million construction acquisition loan, property records indicate. Bank Hapoalim did not respond to a request for comment.

Naftali has been stitching together the four parcels between East 79th and 80th streets for roughly two years. The firm purchased 1041 Madison Avenue in 2017 for $21.1 million, 1045 Madison Avenue in 2017 for $22.8 million and 1039 Madison Avenue in 2018 for $26 million. It just bought the last parcel at 1043 Madison Avenue this summer for about $1.6 million. The assemblage offers more than 60,000 buildable square feet.

Company CEO Miki Naftali said in a statement that it looked forward to working with Pennoyer on project “in the most prominent location on the Upper East Side.”

Nearby, Naftali has partnered with Rockefeller Group on an Upper East Side luxury condo tower at 200 East 83rd Street. Naftali went under contract in February to buy 470 Kent Avenue on the Williamsburg waterfront for around $182 million as well.


Related Articles

arrow_forward_ios
Rodney Dangerfield and 1118 1st Avenue (Getty)

Dangerfield’s comedy club to close its doors

Dangerfield’s comedy club to close its doors
Ron Perelman and 36-38 East 63rd Street (Getty, Google Maps)

Ron Perelman shopping side-by-side Upper East Side homes for $75M

Ron Perelman shopping side-by-side Upper East Side homes for $75M
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
305 East 61st Street and Jason Carter of Carter Management Corp. (Google Maps; Carter Management Corp.)

Upper East Side condo conversion fetches $51M at auction

Upper East Side condo conversion fetches $51M at auction
Nelson Rockefeller and 812 Fifth Avenue Photos via Getty; StreetEasy; Google Maps)

Fifth Ave co-op owned by Rockefeller family hits market

Fifth Ave co-op owned by Rockefeller family hits market
Lincoln Center, Hudson Yards and Financial District (Wikimedia, iStock)

Bad to worse: Manhattan nabes where home sales fell most

Bad to worse: Manhattan nabes where home sales fell most
Christopher Cerf and 146 E 62nd St (Twitter, Google Maps, Pixabay)

Mellon Foundation buys longtime home of Sesame Street composer

Mellon Foundation buys longtime home of Sesame Street composer
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
arrow_forward_ios

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

Loading...