investigation
Allocation of 45 units driven by $129 million from Hapoalim Bank
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With a reluctant tenant out of the way and after demolishing some 130 rental apartments, Miki Naftali secured the investment to build a condominium on the Upper West Side.
The Naftali Group has finalized a $129 million structural loan from Israel’s Hapoalim Bank for 215 West 84th Street, where it plans a 230,000-square-foot structure with forty-five new units, according to records.
The project, across from the AMC Theatre, will produce 18 floors of apartments at the northeast corner of West 84th Street and Broadway, as well as a seven-story construction that will be made larger to the east along West 84th.
The uppermost corner portion of the allocation won a zoning bond for 17,000 square feet of residential area under the city’s voluntary and inclusionary housing program, according to the filings.
In return, Naftali will have to maintain affordable housing on-site, with strong, affordable rents for families earning less than 80% of the region’s median income. The smaller 7-story build has no bonuses.
The developer purchased the project site in 2021 for $70 million. It’s the farmhouse where Edgar Allen Poe wrote “The Raven” in the mid-1800s, when the Upper West Side was rural. Hill West is the architect of choice.
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Naftali has recently been one of the country’s most enviable condominium developers, with a luxury product that has sold well and a strong development pipeline.
After a series of projects on Manhattan’s East Side, adding a unit of 69 in Kips Bay, Naftali is expanding to the Upper West Side, north of Brooklyn and Miami.
Naftali is building a mini-neighborhood in Williamsburg, where he plans five buildings and about 1,000 components. Naftali secured $385 million in structural funding for part of the project.
To Mamiami, Naftali arguably would have been late, having staved off the wave of migration of condo developers from New York to the Sixth Ward in the mid-2010s. Instead, he jumped into the post-Covid boom, believing that the city lacked New York’s quality point when it comes to luxury construction.