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Commercial
New York

Naftali Group files plans for 400-unit towers in Williamsburg

Developer bought one of the last large sites on the waterfront

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.

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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.

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Commercial Real EstateDevelopmentNaftali Group