Naftali Group signs $43.8M acquisition loan with Deutsche Bank for UWS rental
Miki Naftali’s Naftali Group through the entity 215 West 84th St Owner LLC as borrower signed an acquisition loan with lender Deutsche Bank valued at $43.8 million for the 128-unit rental (D6) at 2326 Broadway in the Upper West Side, Manhattan.
The deal closed on June 9, 2021 and was recorded on June 30, 2021.
The property has 104,810 square feet of built space and 0 square feet of additional air rights for a total buildable of 88,408 square feet according to PincusCo analysis of city data. The loan price per built square foot is $417 per the PincusCo analysis.
The owner bought the property on 24-Jun-21, for $70.2 million.
The signatory for Naftali Group was Michael Werner.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $75,000.
Naftali Group bought the property, the Commercial Observer reported. Jeffrey Elghanayan, who sold the property to Naftali Group, was a signatory on a previous mortgage for the property. Michael Werner is a parter at Fried Frank.
Within a 400-foot radius of 2326 Broadway, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on January 15, 2021 for a 108,276-square-foot I-2 building with 162 residential units residential units at 2330 Broadway.
One of those four items was a sale which 233 West 83 Owner LLC bought the 61,250-square-foot, 37-unit rental (D6) on 2301 Broadway for $37 million from Eugene Brown on December 20, 2019.
Of those four items, two were loans above $5 million totaling $57.6 million. The most recent of the two was Robert Ross which borrowed $45.6 million from New York Community Bank secured by the 111,811-square-foot, 128-unit rental (D6) on 2333 Broadway on November 18, 2020.
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