Acquisitions
Miki Naftali acquires Madison Avenue site
Published on
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.
