Bank Hapoalim Provides $103.1M Construction Loan For Upper East Side Development

A development site located at 1165 Madison Ave. and 48 E. 86th Street in the Upper East Side has secured a construction loan from Bank Hapoalim, totaling $103,089,001. The site, previously acquired by Naftali Group from Vornado Realty Trust for $71 million in 2019, is slated for the development of 12 residential condos and one commercial unit with a total buildable square footage of 62,700. The project is expected to encompass 13 stories and reach a height of 210 feet. Architectural planning for the site is being carried out by SLCE Architects.

Summary of transaction details:

• Property Type: Development site (12 Residential Condos & 1 Commercial Unit)
• Transaction Date: 05/20/2021
• Address: 1165 Madison Ave. & 48 E. 86th Street
• Market: Upper East Side
• BSF: 62,700
• Stories: 13
• Lender: Bank Hapoalim
• Loan Amount: $103,089,001
• Loan Type: Construction Loan
• Landlord: Naftali Group
• Architect: SLCE Architects
• Additional Note: The Naftali Group acquired the development site from Vornado Realty Trust for $71 million in 2019.

The Naftali Group, led by David Hochfelder and Miki Naftali, is overseeing the development of the site. In collaboration with architect SLCE Architects, they aim to transform the Upper East Side property into a collection of high-end residential condominiums and a commercial unit, offering luxury living and potential business opportunities to the area.