BROOKLYN, NY—Naftali Group has acquired a large developable site on the Williamsburg waterfront for $102.38 million. The privately-held firm, headed by Miki Naftali, says the purchase is the largest land transaction recorded since the city's shutdown earlier this spring as well as one of the last waterfront development sites in the submarket.
The site is located at 470 Kent Ave.
The acquisition appears to be a long-term hold for the company, based on prepared remarks by Naftali. "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," he says.
HSBC, whom Naftali Group has a decades-long relationship with for project development financing, provided funding for 470 Kent.
The 470 Kent parcel overlooks the East River. Adjacent to the Brooklyn Navy Yard and located on the 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 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 in tandem with the Cushman & Wakefield team of Robert Burton, Bobby Carrozzo and Vinny Puzio.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
