Naftali Group nabs $102M loan for UES condo project

13-story development will have just 12 apartments

New York /
May.May 24, 2021 10:30 AM
Miki Naftali and the corner of Madison and East 86th Street.  (Getty, Google Maps)

Miki Naftali and the corner of Madison and East 86th Street. (Getty, Google Maps)

Miki Naftali’s eponymous development firm secured $102.7 million in construction loans for its condo project at 1165 Madison Avenue, on the corner of East 86th Street on the Upper East Side.

The financing includes a $44 million building loan and a $16.6 million project loan, according to publicly available loan documents. The new debt consolidates $42 million in loans made in 2019 by CIT Bank, according to property records. Tel Aviv-based Bank Hapoalim is the lender.

The 13-story, 62,700-square-foot building will have just 12 condominium units, including two duplex penthouses and three full-floor residences. There will also be 3,750 square-feet of ground-floor retail.

Designed by Robert A.M. Stern Architects, the building will have amenities including a squash court, cinema, roof terrace, gym and children’s playroom.

The project is Naftali’s second condo in the area; it’s located just six blocks from The Benson at 1045 Madison Avenue, a ground-up development that’s seen a string of big-ticket sales in recent months.

More than a year after the pandemic hit, Manhattan’s luxury condo market has notched record after record. Still, a glut of condos remain on the market and buyers are looking to take advantage.





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