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Acquisitions

Naftali Group acquires development site at 470 Kent Avenue

Abraham Rosenberg sells South Williamsburg waterfront site for $182 million

The Naftali Group has entered into contract to acquire a development site at 470 Kent Avenue from Abraham Rosenberg for around $182 million. The seller and his late brother Isaac secured a zoning variance on the 94,500 SF lot in 2010, which allowed for a 500,000 SF residential project on the Williamsburg waterfront.

Be Smart: After receiving approval under the city’s land-use review process (ULURP), Rosenberg planned to build five residential towers with 754 units. In return, the developers agreed to designate 226 of the apartments for affordable housing, and to build a public waterfront esplanade along the East River.

Worth Noting: The former lumber yard was contaminated with petroleum, pesticides, PCBs, and other pollutants, according to TRD. It’s unclear if Naftali intends to develop the property under the state’s Brownfields program.

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