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Miki Naftali acquires Madison Avenue site

Miki Naftali and Danielle Naftali (Credit: Emily Nonko /WSJ)

Miki Naftali’s Naftali Group has acquired two adjacent properties on at the corner of Madison Avenue and 86th Street from Vornado for $71 million. The deal includes a multi-story retail building at 1161-1171 Madison Avenue (10,103 square feet) and a residential property at 50 East 86th Street (8,765 square feet). 

  • Another Madison Ave project: The corner buildings allow for the development of an additional 39,240 buildable square feet. This project will complement the firm’s new ground-up condo development six blocks away at 1045 Madison Avenue, which is launching sales in the new year, according to TRD.
  • Acquisition financing: Naftali secured a $41.6 million loan package from CIT Bank to close the deal. 
  • Flashback: Steve Roth’s Vornado paid $60 million for the properties in 2015.

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