Naftali Group Unveils Plan For 1M SF 'Urban Resort' On Brooklyn Waterfront
The Naftali Group has unveiled its plans for a sprawling waterfront development in Williamsburg, spanning five residential towers that could bring 850 new units to the neighborhood.
The Manhattan-based developer has already started construction on Phase 1 of the 1M SF project, which it expects to deliver in 2025. The 3.75-acre development is expected to cost $600M and has been dubbed Williamsburg Wharf. Naftali is partnering on the development with Len Blavatnik's Access Industries.
“Williamsburg Wharf represents an extraordinary vision for the last developable site along Williamsburg’s East River shoreline,” Natfali Group CEO Miki Naftali said in a statement. “We are excited to introduce a new neighborhood and truly urban resort-style destination to future residents in this highly desirable neighborhood.”
Naftali tapped Serhant Real Estate to market sales of the first condos. It is unclear how many buildings will be designated as rentals and how many will offer units for sale. Previous reporting about the project, when only three buildings were known to be part of the plans, indicated that two of those buildings would be rentals.
A Naftali spokesperson declined to answer questions beyond the developer's press release Wednesday.
Naftali and Access have secured a combined $623M in construction and project financing across several loans, the majority of which were provided by Bank OZK, The Real Deal reports.
The property at 464-484 Kent Ave., between Division and South 11th streets, had long served as a lumberyard owned by Abraham Rosenberg. Naftali paid Rosenberg $180M for the land in 2019 and paid $100M for another piece of the development site in 2020, TRD reported.
Besides the 850 residential units spread across five 22-story buildings, Naftali plans to build commercial and retail space in the project, as well as add a new waterfront park, public art and pedestrian connections from the East River to Williamsburg farther inland.
Architecture and design firms Brandon Haw Architecture, Cookfox, Rockwell Group, Ward + Gray, Studio Munge, Hill West Architects, Scape Landscape Architecture and Future Green Studio have been tapped to bring the project to life.
Naftali has been an active condo developer in Manhattan — he is building the tallest building in the borough north of 72nd Street — and is now spreading his wings outside the island.
In addition to Williamsburg Wharf, Naftali is planning 3M SF of development in South Florida, including the 67-story JEM Residences condo and apartment tower in Miami Worldcenter.
