Naftali Group Closes on Biggest Land Transaction in NYC Post-COVID-19 ($102.5 M)
One of the last waterfront development sites in Williamsburg is biggest land transaction recorded Post-COVID-19
BROOKLYN, NY – Naftali Group, a leading privately held, global real estate development and investment firm run by CEO and Chairman Miki Naftali, announced today the acquisition of 470 Kent Avenue, one of the last large developable sites on the Williamsburg waterfront, for $102.38 million. This purchase is the largest land transaction recorded since the city’s shutdown earlier this spring.
“We believe in the future of New York and are invested in this great city,” said Miki Naftali. “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.”
HSBC, whom Naftali Group has a decades-long relationship with for project development financing, provided funding for 470 Kent. Naftali later added, “Banks are incredibly important during this time and we appreciate HSBC’s continued support.”
470 Kent will transform a rare waterfront parcel overlooking the East River. Adjacent to the Brooklyn Navy Yard and located on the prominent corner of Kent Avenue between South 11th Street and Division Avenue in South Williamsburg, 470 Kent is within walking distance to the water’s edge, which offers commuter services to and from Manhattan in less than 20 minutes from the South Williamsburg Ferry Terminal, as well as a host of subway lines including the J, M and Z trains. The Williamsburg Bridge, with easy access to Manhattan, is nearby.
The JLL Capital Markets professionals represented the seller in the transaction of 470 Kent.
For more information on Naftali Group and their portfolio of properties, visit http://www.Naftaligroup.com.
About Naftali Group
Naftali Group, a privately held global real estate development and investment firm based in New York City, has a prestigious track record, having lead some of the most significant developments and landmark restorations. Founded and led by Miki Naftali, Naftali Group is highly specialized in identifying and acquiring undervalued properties in premier geographic areas with strong potential growth while maximizing the value of unique and irreplaceable assets. Naftali Group pursues strategic acquisitions and continuously grows its extensive portfolio of new development condominiums, income-producing, mixed-use properties and other assets. Through innovation and discipline, Naftali is recognized as a leading developer with a current and past portfolio comprised of more than 30 projects encompassing more than $9 billion in total value.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.