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
Light i-sales precede heavy eating
Light i-sales precede heavy eating
Light i-sales precede heavy eating
South Williamsburg resi project faces takeover by lender
South Williamsburg resi project faces takeover by lender
South Williamsburg resi project faces takeover by lender
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
CW Realty's Cheskie Weisz and 187 Kent Avenue (CW Realty, The Kent House)
CW Realty escapes foreclosure on luxury Brooklyn project
CW Realty escapes foreclosure on luxury Brooklyn project
A unit at 22 North 6th Street was the most expensive Brooklyn contract signed last week (Compass)
Condo with 20-foot ceilings tops Brooklyn’s luxury home deals
Condo with 20-foot ceilings tops Brooklyn’s luxury home deals
225-227 Grand Street in Williamsburg with Toby Moskovits and Michael Lichtenstein of Heritage Equity Partners (Google Maps, Heritage)
All Year loses stake in troubled Williamsburg property
All Year loses stake in troubled Williamsburg property
Padel (it’s a sport!) club to open in Brooklyn warehouse
Padel (it’s a sport!) club to open in Brooklyn warehouse
Padel (it’s a sport!) club to open in Brooklyn warehouse
Food52 CEO Amanda Hesser, Rudin Management president Eric Rudin and 1 Dock 72 Way in Brooklyn (Getty, Rudin)
Rudin’s Dock 72 notches Food52 as second tenant
Rudin’s Dock 72 notches Food52 as second tenant
arrow_forward_ios

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

Loading...