Naftali Credit Lands $62M Loan For Boutique Luxury Condo
Naftali Credit Partners, a subsidiary of Naftali Group, a privately held, global real estate development and investment firm has closed $62 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.
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.