BROOKLYN, NY—NaftaliGroup has acquired a large developable site on the Williamsburgwaterfront for $102.38 million. The privately-held firm, headedby Miki Naftali, says thepurchase is the largest land transaction recorded since the city'sshutdown earlier this spring as well as one of the last waterfrontdevelopment sites in the submarket. 

The site is located at 470 Kent Ave.

The acquisition appears to be along-term hold for the company, based on prepared remarks byNaftali. "Our long term plansreaffirm our views of the strong residential market here. Thesetypes of projects take years to design and develop and we lookforward to completing and occupying 470 Kent when the marketrecovers," he says. 

 HSBC, whom Naftali Group has a decades-longrelationship with for project development financing, providedfunding for 470 Kent. 

 The 470 Kent parcel overlooks the East River.Adjacent to the Brooklyn Navy Yard and located on the corner ofKent Avenue between South 11th Streetand Division Avenue in South Williamsburg, 470 Kent is withinwalking distance to the water's edge, which offers commuterservices to and from Manhattan from the South Williamsburg FerryTerminal, as well as a host of subway lines including the J, M andZ trains. The Williamsburg Bridge, with easy access to Manhattan,is nearby.

The JLL Capital Marketsprofessionals represented the seller in the transaction of 470 Kentin tandem with the Cushman & Wakefield team of RobertBurton, Bobby Carrozzo and Vinny Puzio.