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.