The Naftali Group has secured $102.7 million in construction financing for its new 13-story luxury condominium on Manhattan's Upper East Side.
BHI, a full-service commercial bank, is providing $67.7 million and Israel Discount Bank of New York will hold $35 million of the overall loan amount for the project at 1165 Madison Ave. The 62,700-square-feet project includes twelve condominium residences and 3,750 square feet of ground-floor retail space. It is being designed by Robert A.M. Stern Architects.
Previously, Naftali Group sold out The Benson at 1045 Madison Ave. The project at 1165 Madison is its second condominium along Madison Avenue, an area that has not seen a ground-up condominium development in over twenty-five years, according to Miki Naftali, CEO and Chairman of Naftali Group
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
