Miki Naftali’s development company of the same name has received construction loans of USD 102.7 million for its condominium project at 1165 Madison Avenue on the corner of East 86th Street on the Upper East Side.
The financing includes a construction loan of $ 44 million and a project loan of $ 16.6 million according to publicly available loan records. The new debt consolidates $ 42 million in loans granted by CIT Bank in 2019, according to property records. Tel Aviv-based bank Hapoalim is the lender.
The 13-story, 62,700-square-foot building will have just 12 condominiums, including two duplex penthouses and three full-story apartment buildings. There will also be 3,750 square feet of retail space on the ground floor.
The building, designed by Robert AM Stern Architects, has amenities such as a squash court, a cinema, a roof terrace, a fitness room and a children’s playroom.
The project is Naftali’s second apartment in the area; It’s located just six blocks from The Benson on 1045 Madison Avenue, a base development that has seen a number of large ticket sales over the past few months.
More than a year after the pandemic, Manhattan’s luxury condominium market has hit record after record. That said, there is still a deluge of condos in the market and buyers are eager to take advantage of these benefits.