Naftali Group, the development and investment firm run Miki Naftali, announced the acquisition of 470 Kent Avenue, one of the last large developable sites on the Williamsburg waterfront, for $102.38 million.
The 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 said, “Banks are incredibly important during this time and we appreciate HSBC’s continued support.”
470 Kent will transform the 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 of 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.
Part of the site previously operated as a gas plant and the remander is part of the NYSDEC Brownfield Cleanup Program (BCP) which offers tax incentives for the remediation and redevelopment of property.
Naftali is expected to redevelop the site into a multi-family residential building, with both affordable and market rate units.
The JLL Capital Markets professionals represented the seller in the transaction of 470 Kent.