Naftali Group lands $176M for (another) Upper East side project

HSBC provided Naftali with the financing

200 East 83rd Street and Miki Naftali (Credit: Google Maps) 
200 East 83rd Street and Miki Naftali (Credit: Google Maps)

The Naftali Group has landed another major financing package for another large project on the Upper East Side.

HSBC loaned the company $176 million in new financing for its condominium project at 200 East 83rd Street, according to property records. The package consists of a $117 million building loan and a $59 million project loan, and it also includes a $90 million refinanced loan, bringing its value to $266 million overall.

Naftali Group and Rockefeller Group are partnering to bring a Robert A.M. Stern Architects-designed luxury condo tower to the site, which has more than 250,000 buildable square feet. They filed plans for it with the city in May and purchased the site from Muss Development and the Aryeh family in March for $167 million.

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Rockefeller Group senior vice president Meg Brod said in a statement that the company was “very pleased to be working toward what will be an extraordinary condominium project in such an ideal location.”

Representatives for Naftali and HSBC did not respond to requests for comment.

This is the second major financing package Naftali has landed for an Upper East Side project this week. The firm also received $120 million from Bank Hapoalim for its assemblage at 1039-1045 Madison Avenue, where it is also planning a condo project.