Naftali Group Awakens NYC CRE Market from Slumber with $100 Million Brooklyn Acquisition
The Naftali Group, headed up by Miki Naftali, has announced the finalization of their $102.38 Million USD Williamsburg acquisition. The 800,000 square-foot Brooklyn property is located at 470 Kent Avenue. This parcel is one of few remaining large development sites in this neighborhood of Williamsburg, and is adjacent to the Brooklyn Navy Yard. The news is a welcome reprieve for NYC real estate observers, since it is the largest land transaction since the COVID-19 Pandemic has brought the Tri-State region to a halt. “A developer making a purchase of this scale during these challenging times shows real commitment and confidence in New York City,” said JLL’s Brendan Maddigon, who negotiated the deal on behalf of the seller, along with his colleague Ethan Stanton. Cushman and Wakefield’s Robert Burton, Bobby Carrozzo and Vinny Puzio represented Naftali. The deal was financed by HSBC. Nationally, JLL has been keeping busy despite the struggles presented by the novel Coronavirus, for example selling a ~700,000 square foot property in Indianapolis today as well as other notable activity in Dallas.