Real Estate Weekly

Former Elad Boss Planning New Building

May 7, 2012

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Former Elad boss Miki Naftali has announced a new deal to build a Brooklyn apartment building.

Naftali has formed a joint venture with AEW Capital Management to buy a 90,000 s/f development site in Brooklyn where he plans to build a luxury rental building.

“316 Bergen Street will be one of the premier buildings in the neighborhood,” said Naftali, who left Elad earlier this month.

The real estate executive left Elad last summer to form the Naftali Group, a New York City based real estate investment and development firm. Along with AEW Capital Management (AEW), a global real estate investment advisor, the company closed on the site at 316 Bergen Street late last week.

The development, 316 Bergen Street, will be a Class A, mid-rise apartment property that will consist of 85 luxury rental units and 45 residential parking spaces. has been retained as exclusive leasing and marketing agent for the property.

Located at the corner of 3rd Avenue and Bergen Street in the Boerum Hill / Park Slope neighborhood, the site is a few blocks from a recently approved Whole Foods, within walking distance to the 585-acre Prospect Park and close to subway stations and the Atlantic Terminal.

The property will feature an attended lobby, health club, storage, resident lounge and courtyard. The development will also feature a roof deck with cabanas, sunbeds, a grill, and dining area.
“We believe that the prestige and value of quality properties in the New York City area is unparalleled and that the opportunity to develop an institutional-quality, Class A property in New York City does not come along often,” said Naftali.

“ While we are already in the process of developing a 104-unit luxury rental down the road at 267 Sixth Street in Park Slope, upon being presented with this unique opportunity, we took it. Having AEW partner with us in the venture further supports our belief in the strength of the Park Slope market.”

“We are delighted to invest in this high-quality, well-located site to develop a luxury rental property in Brooklyn. We believe the property will attract young professionals and families looking for affordable, quality housing, good amenities and access to public transportation,” said Anthony Crooks, director at AEW.

“This expands our real estate portfolio in New York City and we are pleased to be partnering with the Naftali Group, who has a strong development track record in the city.”

AEW formed the joint venture on behalf of AEW Partners VI, L.P., the sixth in the firm’s series of opportunistic real estate funds.