208 Delancey Street.
NEW YORK CITY- Naftali Credit Partners, a subsidiary of Naftali Group, a privately held, global real estate development and investment firm has closed $62.85 million construction loan for 208 Delancey St., a 12-story boutique luxury condominium development located on Manhattan's Lower East Side, the firm's CEO and Chairman Miki Naftali announced.
"Naftali Group's growing financial arm provides efficient and user-friendly capital in a relatively illiquid transitional lending market, and we're pleased that New Empire Corp has partnered with us on 208 Delancey Street," said David Hochfelder, executive vice president and head of acquisitions of Naftali Group, in a prepared statement.
The property sits between Pitt Street and Ridge Street near the foot of the Williamsburg Bridge, spanning 80,200 square feet. ODA Architecture designed the project, which New Empire Real Estate Development will build along with Shiming Tam Architect as the chief architect. The building will contain 69 condominium units that average 854 square feet each.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
