Naftali Group pays $102M to Rosenbergs of Certified Lumber for development site in Williamsburg

Miki Naftali’s Naftali Group paid the Rosenberg family which owns Certified Lumber, $102 million for two tax lots in Williamsburg in two separate transactions. No debt has yet been recorded on the sale.

In the first transaction, Naftali through the entity 470 Kent Ave Associates LLC paid the Rosenbergs’ CL SPE LLC $51.2 million for 1 Division Avenue in Williamsburg. The deal closed on May 27, 2020, and was recorded on June 8, 2020. The transaction consists of 1 parcel, including the tax class light manufacturing building (F5). The property is 70,665 square feet. The parcel(s) have total development potential of 343,364 square feet.
The average sale price per square foot is $149.

Israel Michael Rosenberg was the signatory for the Rosenbergs. The contract date given on the transfer is January 28, 2020, but Naftali and the Rosenbergs recorded a purchase agreement from December 31, 2018, and that anticipated a closing in mid-2019. The brokers were JLL’s Brendan Maddigan and Ethan Stanton; Cushman & Wakefield’s Robert Burton, Bobby Carrozzo and Vinny Puzio.

A portion of the parcels has not yet been sold, as explained in an agreement filed at the time of the deed: Certified Lumber “conveyed to [Naftali] the premises, but because the retained premises are or may be subject to the Title Matters, [Naftali] has only paid to [Certified Lumber] the purchase price… which is allocable to that portion of the premises that does not include the Retained Premises…”

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Naftali Group through the entity 470 Kent Ave Associates LLC paid Rosenbergs of Certified Lumber’s Waterfront Realty II LLC $51.2 million for 478 Kent Avenue in Williamsburg. The deal closed on May 27, 2020, and was recorded on June 8, 2020. The transaction consists of 1 parcel, including the tax class light manufacturing building (F5). The property is 165,167 square feet. The parcel(s) have total development potential of 472,292 square feet.
The average sale price per square foot is $108.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link