The Real Deal

Naftali Joint Venture Closes on Boerum Hill Development Site

May 4, 2012

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A joint venture between Naftali Group and AEW Capital Management has closed on a 90,000-square-foot development site in Boerum Hill, Brooklyn where it will build an 85-unit luxury rental building, according to a statement today from the Naftali Group. The project is one of Miki Naftali’s first since striking out on his own — previously he had spearheaded the $675 million purchase of the Plaza, in 2004. The development, at 316 Bergen Street, will offer a roof deck with a cabana, a gym, courtyard and attended lobby and, “will be one of the premier buildings in the neighborhood,” Naftali said in the statement. The mid-rise building will also rise just down the street from what is slated to be the borough’s first Whole Foods, at Third Avenue and Third Street. “We believe the property will attract young professionals looking for affordable, quality housing,” Anthony Crooks, director at AEW, said in the statement. — Guelda Voien –