Naftali Group signs $102.7M construction loan with Bank Hapoalim UES 12-unit development

Naftali Group through the entity 1165 Madison Ave Owner LLC as borrower signed a new construction loan with lender Bank Hapoalim through the entity Bank Hapoalim B.M. valued at $102.7 million for 1165 Madison Avenue and 48 East 86th Street in the Upper East Side, Manhattan. The U.S. division of Bank Hapoalim that originated the deal was BHI. The deal closed on May 7, 2021 and was recorded on May 20, 2021.

The signatory for Naftali Group was Michael Naftali.
The average price per developable foot was $1,638 per foot, according to a PincusCo analysis of the property records.

Naftali Group, on March 3, was given a permit for construction of a 12-unit, 62,688-square-foot residential building at 1165 Madison Avenue in the Upper East Side. Michael Witek filed the plans.
The $102.7 million is composed of a $44 million building loan, a $17 million project loan and a $42 million refinance of the $42 million land loan from CIT Bank.

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Correction: A prior version of the article had the price incorrectly given at $103.1 million.