Naftali closes on large Williamsburg development site for $100M

Firm plans to buy more of the former lumber yard at a later date

New York /
May.May 28, 2020 01:30 PM
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

The Naftali Group closed on one of the last large-scale development sites on the Williamsburg waterfront.

Miki Naftali’s development firm purchased the Rose Plaza site at 470 Kent Avenue for just over $102 million, the company announced Thursday.

Naftali acknowledged the challenges the Covid-19 pandemic has presented to the development market, but said he sees strong demand for when the 470 Kent project eventually comes online.

“These types of projects take years to design and develop and we look forward to completing and occupying 470 Kent when the market recovers,” he said.

Naftali went into contract to buy the site — a lumber yard long owned by Abraham Rosenberg — earlier last year for about $180 million, as The Real Deal reported at the time. Sources familiar with the deal said Naftali finalized only a portion of the purchase this week and intends to close on the remainder of the site at a later date.

All told, the property has about 800,000 square feet of development rights.

JLL’s Brendan Maddigan and Ethan Stanton negotiated the deal for the seller along with Robert Burton, Bobby Carrozzo and Vinny Puzio at Cushman and Wakefield.

Maddigan said the fact that the deal closed during the coronavirus-induced shutdown is a good indicator that long-term demand hasn’t taken a major hit.

“A developer making a purchase of this scale during these challenging times shows real commitment and confidence in New York City,” he said.

HSBC provided Naftali with financing for the acquisition.

Contact Rich Bockmann at [email protected] or 908-415-5229


Related Articles

arrow_forward_ios
Miki Naftali

Is urban living dead? “I don’t buy it,” says Miki Naftali

Is urban living dead? “I don’t buy it,” says Miki Naftali
JLL CEO Christian Ulbrich (Getty)

JLL says hasn’t seen “anything worth spending our…money on” after reportedly passing on Cushman

JLL says hasn’t seen “anything worth spending our…money on” after reportedly passing on Cushman
JLL CEO Christian Ulbrich and CBRE CEO Bob Sulentic (Getty; CBRE; Pixabay)

JLL, CBRE keep cutting as recovery drags

JLL, CBRE keep cutting as recovery drags
Brock Emmetsberger, Tom Gammino and Will Suarez (JLL)

JLL makes cuts to I-sales team

JLL makes cuts to I-sales team
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
The Vitre at 302 East 96th Street with Wonder Works Construction's Joseph Klaynberg and Daniel Klaynberg (Google Maps; Wonder Works)

Wonder Works’ UES condo being shopped at foreclosure sale

Wonder Works’ UES condo being shopped at foreclosure sale
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
25 Kent Avenue and Amazon CEO Jeff Bezos (25 Kent; Getty)

Amazon Music is coming to Brooklyn’s office market

Amazon Music is coming to Brooklyn’s office market
arrow_forward_ios

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

Loading...