The Real Deal

Naftali Group Nabs Park Slope Development Site For $10.7M

March 5, 2012

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A Park Slope development site approved for 106 residential units and on-site parking has been sold for $10.7 million, Brownstoner reported. The buyer is the Naftali Group, The Real Deal has learned (note: correction appended).

The lot is 10,801 square feet at the corner of Fourth Avenue and 6th Street and is approved for a building of approximately 10 times that square footage with 43 parking spots. It is slated for 78,883 square feet of residential space, 3,592 commercial square feet, a 639-square-foot community facility and comes with a 15-year tax abatement, according to the listing by James Dario of Kalmon Dolgin Affiliates, which asked $14 million.

Previous reports tied the stalled development site to Isaac Katan, who recently unloaded a different stalled Fourth Avenue site, in South Slope, approved for residential development.

Dario told Brownstoner that Naftali Group, which public records show closed on the deal last month, is already in the ground on the project and could complete it within 18 months. He said he’s in talks with several potential retail tenants, too. [Brownstoner]