May 29, 2020
The Naftali Group finalized the acquisition of 470 Kent Ave., adjacent to the Brooklyn Navy Yard and one of the last large developable sites on the Williamsburg waterfront, for $102.38 million. It represented the largest land transaction recorded since the city’s shutdown in March.
“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,” said Naftali Group chairman Miki Naftali.
“Our long-term plans reaffirm our views of the strong residential market here,” he added. 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 provided acquisition financing. JLL’s Brendan Maddigan, Stephen Palmese, Ethan Stanton, Winfield Clifford and Michael Mazzara represented the seller, along with Cushman & Wakefield’s Robert Burton.
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