Naftali Group borrows $42M from CIT Bank for acquisition of property in the Upper East Side

Naftali Group through the entity 1169 Madison Ave Owner LLC as borrower signed a loan agreement with lender CIT Bank valued at $41.6 million for 2 parcels, including the tax class multifamily, miscellaneous (D9) and containing 8 residential units at 50 East 86th Street, 48 East 86th Street in the Upper East Side. The deal closed on December 11, 2019 and was recorded on December 13, 2019.
The loan was to finance the $71 million purchase of the properties from Vornado Realty Trust.

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