Naftali Group files plans for 400-unit towers in Williamsburg

Developer bought one of the last large sites on the waterfront

New York /
Jan.January 06, 2021 11:30 AM
Miki Naftali of Naftali Group and 470 Kent Avenue (Getty; Google Maps)

Miki Naftali of Naftali Group and 470 Kent Avenue (Getty; Google Maps)

Miki Naftali is moving forward with one of the largest residential construction projects of the pandemic era.

The developer plans to build a pair of apartment buildings on the Williamsburg waterfront with more than 400 units, according to records filed with the city’s Department of Buildings.

Plans call for two buildings reaching as tall as 22 stories at 480 and 490 Kent Avenue, with more than 485,000 square feet of space and 431 units between them. That would include about 20,000 square feet of commercial space across both buildings.

Representatives for the Naftali Group did not immediately respond to a request for comment.

Naftali went into contract to buy the site — one of the last large parcels left undeveloped along the Williamsburg waterfront — for about $180 million in early 2019. The developer closed on a portion of the site in May for about $100 million and is expected to finalize the rest of the deal at a later date.

At the time of the closing, Naftali acknowledged the challenges posed by the then-nascent coronavirus pandemic, but said it hadn’t changed his resolve to move forward with the project.

“We believe in the future of New York and are invested in this great city,” he said at the time. “While we recognize the difficult times that we are facing from the Covid-19 pandemic, New York City will come out of this crisis stronger and better than before — just as we have done in the past. Our long term plans reaffirm our views of the strong residential market here. These types of projects take years to design and develop and we look forward to completing and occupying 470 Kent when the market recovers.”

Other developers have resolved to move forward with their projects as well.

In May, David Bistricer landed a 386 million construction loan for his three-tower, 720-unit rental project in Greenpoint.

Rockrose Development filed plans last year to build more than 600 units on the border of Fort Greene and Downtown Brooklyn.





    Related Articles

    arrow_forward_ios
    Durst Organization president Jonathan Durst and 1155 Sixth Avenue (Durst, Google Maps)
    Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
    Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
    Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
    Mack Real Estate takes over 7 distressed Manhattan hotels
    Mack Real Estate takes over 7 distressed Manhattan hotels
    1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
    CIM closes on $400M refi for 1440 Broadway
    CIM closes on $400M refi for 1440 Broadway
    Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
    Coming attraction: Movie theaters reopen in New York, San Fran
    Coming attraction: Movie theaters reopen in New York, San Fran
    Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
    Innovo lands $155M construction loan for LIC warehouse
    Innovo lands $155M construction loan for LIC warehouse
    Restaurants and bars accounted for a majority of the gains in February (iStock)
    Leisure, hospitality big winners in February job gains
    Leisure, hospitality big winners in February job gains
    The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
    Retailer Burlington plans to double store count
    Retailer Burlington plans to double store count
    Rendering of 300 Huntington Street (Monadnock Development, iStock)
    No parking? No problem for Monadnock project in Gowanus
    No parking? No problem for Monadnock project in Gowanus
    arrow_forward_ios

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

    Loading...