Naftali files condo plans for 218-unit Williamsburg waterfront project
One Wharf Way aka 80 Wharf Way aka 1 Division Avenue (Credit Richard A. Cook architect via DOB)
Michael Naftali’s Naftali Group filed condominium plans for the two-tower, 218-unit Williamsburg new construction waterfront project with the addresses One Wharf Way, 80 Wharf Way and 1 Division Avenue.
The condominium plan was filed by Naftali’s 470 Kent Ave Associates II LLC to create 218 residential units in a two-tower building at 80 Wharf Way, called One Wharf Condominium, that has an undisclosed sellout, according to an October 24, 2024 submission to the New York State Attorney General. The principal of the sponsor, 470 Kent Ave Associates II LLC, is Michael Naftali.
In January 2024, Michael Witek, executive vice president of construction of Naftali Group, submitted a new building construction project for a 218-unit, 297,521 square-foot residential (R-2) building at 1 Division Avenue in Williamsburg, Brooklyn. The plan was filed with the New York City Department of Buildings on January 8, 2024 under job number B00975270. It calls for the construction of a 21-story building. The project is described in the filing as: to erect a new multi-story multi-family mixed use building. The architect is CookFox Architects.
This is the largest of a four-building cluster of new apartment buildings Naftali is raising on an area bounded by the East River, Kent Avenue, Division Avenue and a greenway that would be 10th Street. The other three buildings are 470 Kent Avenue, 480 Kent Avenue and 490 Kent Avenue.
One Wharf Way, aka 80 Wharf Way aka 1 Division Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | ATTENDED PARKING OR 46 VEHICLES-STACKERS FOR 40 VEHICLES AND 6 INDIVIDUAL ATTENDANT PARKING SPACES (ACCESS ON DIVISION AVENUE VIA 490 & 480 KENT AVENUE). | Parking Garage | 54 | Storage | 2B | |
| 2 | Cellar | PARKING OR 63 VEHICLES (ACCESS ON DIVISION AVENUE VIA 490 & 480 KENT AVENUE). | Parking Garage | 54 | Storage | 2B | |
| 3 | Cellar | BUILDING STORAGE ROOMS | Storage of non combustible Materials | 2 | Storage | 2B | |
| 4 | 1 | ELEC SWITCHGEAR ROOM (3 PERS), DOMESTIC BOOSTER ROOM (2 PERS), SEB ROOM (1 PERS), ELECTRICAL DISTRIBUTION ROOM (3 PERS) | Mechanical and/or electrical equipment room | 9 | Factory and Industrial | 2B | |
| 5 | 1 | RESIDENTIAL LOBBY | Apartment | 0 | Residential | 2A | |
| 6 | 1 | MAIL ROOM | Apartment | 0 | Residential | 2B | |
| 7 | 1 | PACKAGE ROOM | Storage of non combustible Materials | 3 | Storage | 2B | |
| 8 | 1 | READING ROOM 1 | Apartment | 46 | Residential | 2B | |
| 9 | 1 | READING ROOM 2 | Apartment | 68 | Residential | 2B | |
| 10 | 1 | READING ROOM 3 | Apartment | 54 | Residential | 2B | |
| 11 | 1 | ACCESSORY RESIFDENTIAL TERRACE # 1 | Apartment | 3 | Residential | 2B | |
| 12 | 1 | ACCESSORY RESIDENTIAL COURTYARD | Apartment | 9 | Residential | 2B | |
| 13 | 1 | TELECOM ROOM, 1 PERS. | Apartment | 1 | Residential | 2B | |
| 14 | 1 | COMPACTOR ROOM 1 (3 PERS.), COMPACTOR ROOM 2 (4 PERS), OFFICE (2 PERS.) | Apartment | 9 | Residential | 2B | |
| 15 | 1 | RESIDENTAI BICYCLE STORAGE-109 BICYCLES, 1045 SQ.FT., 4 PERS. | Apartment | 4 | Residential | 2B | |
| 16 | 1 | BUILDING STORAGE (3 PERS.) & LOADING (2PERS.) | Storage of non combustible Materials | 5 | Storage | 2B | |
| 17 | 1 | ACCESSORY RESIFDENTIAL TERRACE # 2 | Apartment | 6 | Residential | 2B | |
| 18 | 1 | RETAIL SPACE # 1 | Retail Sale | 33 | Mercantile | 6A | |
| 19 | 2 | NORTH TOWER-10 CLASS A DWELLING UNITS | Apartment | 0 | Residential | 2A | 10 |
| 20 | 2 | NORTH TOWER-ERU ROOM-4 PERS. | Mechanical and/or electrical equipment room | 4 | Factory and Industrial | 2B | |
| 21 | 2 | SOUTH TOWER-11 CLASS A DWELLING UNITS | Apartment | 0 | Residential | 2A | 11 |
| 22 | 2 | SOUTH TOWER-STORAGE, 4 PERS., ARC'S ROOM, 1 PERS. & FIRE PUMP ROOM, 1 PERS. | Storage of non combustible Materials | 6 | Storage | 2B | |
| 23 | 3 | NORTH TOWER-11 CLASS A DWELLING UNITS | Apartment | 0 | Residential | 2A | 11 |
| 24 | 3 | SOUTH TOWER-11 CLASS A DWELLING UNITS | Apartment | 0 | Residential | 2A | 11 |
| 25 | 3 | SOUTH TOWER-STORAGE-5 PERS. | Storage of non combustible Materials | 5 | Storage | 2B |
The property
The most recent loan totaled $46.7 million and was provided by Israel Discount Bank on January 12, 2023. This property was sold by Rosenbergs of Certified Lumber for $51.2 million to Naftali Group on May 27, 2020.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Williamsburg has near average amount of major developments among other neighborhoods and is the 2nd highest in Brooklyn. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of seven of the nine commercial properties representing 779,082 square feet of the 779,082 square feet. The largest owner is City Of New York, followed by Naftali Group and then Spitzer Enterprises. On the tax block, there were five new building construction projects totaling 1,768,121 square feet. The largest is a 605-unit, 602,188 square-foot residential (R-2) building submitted by Spitzer Enterprises and filed by Eliot Spitzer with plans filed December 17, 2014 and permitted July 21, 2016. The second largest is a 182-unit, 380,375 square-foot residential (R-2) building submitted by Naftali Group and filed by Michael Witek with plans filed January 5, 2021 and permitted February 28, 2023.
The owner
The PincusCo database currently indicates that Naftali Group owned at least 12 commercial properties with 825 residential units in New York City with 859,112 square feet and a city-determined market value of $171 million. (Market value is typically about 50% of actual value.) The portfolio has $1.5 billion in debt, with top three lenders as Bank Hapoalim, Bank OZK, and HSBC Bank respectively. Within the portfolio, the bulk, or 65 percent of the 859,112 square feet of built space are elevator properties, with development properties next occupying 27 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.
The surrounding
Within a 400-foot radius of 9 Division Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, one was in new building development. It was a new building permit issued on March 1, 2024 for a 107,662-square-foot residential (R-2) building with 127 residential units at 470 Kent Avenue. One of those five items was a sale which Yechiel Newhouse bought one condo unit in the 171,432-square-foot, 141-unit mixed-use building (RM) on 450 Kent Avenue for $16 million from L+M Development Partners and BFC Partners on January 26, 2023. Of those five items, three were loans above $5 million totaling $416 million. The most recent of the three was Naftali Group in which borrowed $321 million from Bank OZK secured by the 165,167-square-foot, 554-unit rental (D7) on 470 Kent Avenue on March 14, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.