Naftali closes on large Williamsburg development site for $100M

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

TRD 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
84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)

Brooklyn luxury home sales remain 80% below last year

Brooklyn luxury home sales remain 80% below last year
1165 Madison Avenue and Naftali Group's Miki Naftali (Credit: Google Maps and Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali Group plans another Upper East Side condo

Naftali Group plans another Upper East Side condo
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women’s Forum of New York, iStock)

JLL slashes jobs in NYC capital markets group

JLL slashes jobs in NYC capital markets group
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
46 Cook Street in Brooklyn (Credit: Google Maps)

Williamsburg biz takes 53% more space to meet demand

Williamsburg biz takes 53% more space to meet demand
Prince Realty Advisors founder David E. Ash and 123 Hope Street (Credit: Google Maps)

HUBBNYC buys Williamsburg mixed-use building for $84M

HUBBNYC buys Williamsburg mixed-use building for $84M
The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Williamsburg pad hits market for almost $9M
arrow_forward_ios

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

Loading...