Naftali Group has acquired a development site at 470 Kent Ave. on the Williamsburg waterfront in Brooklyn, N.Y. The seller was Abraham Rosenberg.
“This transaction speaks volumes to the resilience of New York City and the developer’s confidence to build a large-scale, Opportunity Zone project in an excellent, waterfront Williamsburg location,” said Brendan Maddigan, vice chairmen at JLL Capital Markets, which represented the seller. “It’s been a pleasure working with the professionals at Naftali Group and seeing their commitment to the progress of this site.”
The development opportunity at 470 Kent Ave. comprises a 94,500-square-foot lot between Division Avenue and South 11th Street on the waterfront overlooking the East River. Certified Lumber occupies an existing building on the site and will announce a relocation to a nearby address as soon as appropriate. The lumber storage building will be demolished after a lease-back period. The property is located i
