The Real Deal:

Naftali Lands Israeli Construction Loan, Goes Vertical On UWS

March 18, 2024Read Full ArticleDownload PDF

With a holdout tenant out of the way, and after knocking down almost 130 rental apartments, Miki Naftali snagged financing to build a condominium on the Upper West Side.


Naftali Group closed on a $129 million construction loan from Israel’s Bank Hapoalim for 215 West 84th Street, where it plans a 230,000-square-foot building with 45 new units, records show.


The project, across the street from the AMC theater, will yield 18 stories of residences on the northeast corner of West 84th Street and Broadway, and a seven-story building that extends eastward along West 84th.


The taller, corner portion of the project has received a zoning bonus of 17,000 square feet of residential space through the city’s Voluntary Inclusionary Housing scheme, filings show.


In exchange, Naftali must preserve the affordable housing at the site as rent-stabilized and affordable to households earning below 80 percent of the area median income. The smaller, 7-story building has no bonus.