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
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Ron Perelman and 39 East 62nd Street (Getty, Google Maps)
Manhattan office properties trade at a discount
Manhattan office properties trade at a discount
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
Mickey Rabina and renderings of his 452,132 square foot building. (Getty, Rabina, Ceruzzi Properties)
The 10 biggest new project filings in NYC
The 10 biggest new project filings in NYC
arrow_forward_ios

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

Loading...