Acadia, Hilltop RE pay $20.75M to Naftali Group for retail in Carnegie Hill

UPDATED 1:31 p.m., February 11, 2026: Acadia Realty Trust and Hilltop RE paid $20.75 million to the Naftali Group for four retail condominium units in Carnegie Hill, Manhattan, in four transactions. The sale was previously reported by Traded NY.

In the first, Acadia Realty Trust through the entity 1165 Madison Retail Owner LLC paid $7.8 million to Naftali Group through the entity 1165 Mad And 86th Tic LLC for the retail condo at 1165 Madison Avenue in Carnegie Hill, Manhattan. The expected use is cash flowing.
The deal closed on January 29, 2026 and was recorded on February 10, 2026. The property has 2,704 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,897 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

In the second, Acadia Realty Trust through the entity 1045 Madison Retail Owner LLC paid $6.4 million to Naftali Group through the entity 1039-1045 Madison Ave Retail LLC for the retail condo at 1045 Madison Avenue in Carnegie Hill, Manhattan. The expected use is cash flowing.
The deal closed on January 26, 2026 and was recorded on February 10, 2026. The property has 2,761 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,302 per the PincusCo analysis.

In the third, Acadia Realty Trust through the entity 1165 Madison Retail Owner LLC paid $4.9 million to Naftali Group through the entity 1165 Mad And 86th Tic LLC for the retail condo at 1165 Madison Avenue in Carnegie Hill, Manhattan. The expected use is cash flowing.

In the fourth, a unit at 1045 Madison Avenue sold for $1.64 million.
The deal closed on January 29, 2026 and was recorded on February 10, 2026. The property has 1,872 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,625 per the PincusCo analysis.

The signatory for Naftali Group was Eva Malachi . The signatory for Acadia Realty Trust was Jason Blacksberg . The contract date was January 29, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Acadia Realty Trust purchased 20 properties in 14 transactions for a total of $353 million and sold six properties in three transactions for a total of $119.8 million over the past 24 months.
The seller Naftali Group purchased one property in one transaction for a total of $810 million and sold one property in one transaction for a total of $8.6 million over the same time period.

The property

The retail condo in Carnegie Hill has 2,704 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,704 square feet. The city-designated market value for the property in 2022 is $7.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 1165 MADISON AVE OWNER LLC to create 12 residential units and 2 commercial units in a building at 1165 Madison Avenue in Carnegie Hill, New York, called 1165 Madison Avenue Condominiumthat has a $221 million sellout, according to an March 04, 2021 submission to the New York State Attorney General.

The neighborhood

In Carnegie Hill, The majority, or 56 percent of the 13.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Carnegie Hill has 3.1 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the 11th highest in Manhattan. For development, Carnegie Hill has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 550,470 square feet of the 550,470 square feet. The largest owner is Brodsky Organization, followed by Naftali Group and then Ely Samuels.
On the tax block, there was one new building construction project filed totaling 62,688 square feet. It is a 12-unit, 62,688 square-foot residential (R-2) building submitted by Naftali Group and filed by Michael Witek with plans filed May 8, 2020 and permitted March 3, 2021.

The majority, or 99 percent of the 550,470 square feet of built space are elevator buildings, with walkup buildings next occupying 1 percent of the space.

The seller

The PincusCo database currently indicates that Naftali Group owned at least 13 commercial properties with 1,147 residential units in New York City with 1,215,090 square feet and a city-determined market value of $360.2 million. (Market value is typically about 50% of actual value.) The portfolio has $2.2 billion in debt, with top three lenders as JPMorgan Chase, Bank Hapoalim, and Bank OZK respectively. Within the portfolio, the bulk, or 76 percent of the 1,215,090 square feet of built space are elevator properties, with development properties next occupying 19 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Acadia Realty Trust owned at least 11 commercial properties with 162 residential units in New York City with 408,753 square feet and a city-determined market value of $122.4 million. (Market value is typically about 50% of actual value.) The portfolio has $251.4 million in debt, borrowed from Bank of America and TD Bank. Within the portfolio, the bulk, or 28 percent of the 408,753 square feet of built space are retail properties, with office properties next occupying 25 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Queens next at 25 percent of the space.

Correction: A prior version of this post reported the sale price as $19.1 million, because we did not count a fourth transaction, which has now been added to get to the correct amount, $20.75 million.

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