Miki Naftali’s eponymous development firm secured $102.7 million in construction loans for its condo project at 1165 Madison Avenue, on the corner of East 86th Street on the Upper East Side.
The financing includes a $44 million building loan and a $16.6 million project loan, according to publicly available loan documents. The new debt consolidates $42 million in loans made in 2019 by CIT Bank, according to property records. Tel Aviv-based Bank Hapoalim is the lender.
The 13-story, 62,700-square-foot building will have just 12 condominium units, including two duplex penthouses and three full-floor residences. There will also be 3,750 square-feet of ground-floor retail.
Designed by Robert A.M. Stern Architects, the building will have amenities including a squash court, cinema, roof terrace, gym and children’s playroom.
The project is Naftali’s second condo in the area; it’s located just six blocks from The Benson at 1045 Madison Avenue, a ground-up development that’s seen a string of big-ticket sales in recent months.
More than a year after the pandemic hit, Manhattan’s luxury condo market has notched record after record. Still, a glut of condos remain on the market and buyers are looking to take advantage.