National Real Estate Investor

Naftali Group Acquires Air Rights for Boerum Hill Development Site

July 21, 2012

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NEW YORK—The Naftali Group has purchased 5,324 sq. ft. of development air rights from 103 and 105 Third Avenue in Boerum Hill for $508,573 to use for future development.

CPEX’s Development and Conversion team, consisting of Managing Partner Brian T. Leary, Managing Director Sean R. Kelly and Associates Cengiz (“Jay”) Sendogdular and Matthew J. Dzbanek, negotiated the transaction.

As part of the recent Boerum Hill rezoning, the residential zoning along this stretch of Third Avenue changed from R6 to R7A, resulting in an increased floor area ratio (“FAR”) of 4.0.