Project rendering (Naftali Group)
The Naftali Group is erecting an ambitious apartment complex on the South Williamsburg waterfront, and in recent weeks, the superstructure has emerged from the ground. Located on a stretch of Kent Avenue between South 11th Street and Division Avenue, the four-acre master plan that includes 480 Kent Avenue will feature three buildings rising 22, 21, and 16 stories tall, and accommodate 561 units, 93 of which will be condos. Hill West is the architect of record. An offering plan was submitted for the condos earlier this year and sales are likely to launch sometime next year. Completion of the first phase is estimated for 2025.
Construction progress in October 2023
From Kent Avenue
“We are very excited to introduce a waterfront lifestyle to future residences in this highly desirable Williamsburg location” – Miki Naftali, Chairman and CEO, Naftali Group
Elevation of the first two towers from the East River (Naftali Group)
Plans for new housing on the Williamsburg waterfront date back to 2008, when former owner Abraham Rosenberg started the city’s land review process to rezone 470 Kent Avenue to allow for a large-scale residential development. In 2010, the city approved a rezoning for a five-tower, 754-unit project where Rosenberg would set aside a portion of units for affordable housing and build a waterfront esplanade. However, the site went on and off the market starting in 2013 owing to lingering difficulties from the Great Recession and the discovery that the site was contaminated with multiple pollutants. Naftali Group entered contract to buy the site in February 2019 and closed on it the next spring. More recently, in November 2022, it secured a $385 million construction loan to complete the project.
Previous design, when it was known as Rose Plaza
The development site is located a few blocks from the South Williamsburg ferry stop and about half a mile from Domino Park, The Refinery at Domino Sugar, and the new restaurants and retail that have sprung up around it. The area is also rich in new residential development: Luxury condominium Oosten was an early entrant (and a handful of never-sold sponsor units remain on the market), and the facade is on the way up at One Domino Square, the two-towered condo/rental development on the Domino Sugar Factory redevelopment site.
475 Kent Avenue (Serhant)
On the rental side, the new development will reap similar benefits as 420 Kent Avenue, developed by former Governor Elliot Spitzer and designed by ODA Architects. The trio of glass towers has available one-bedrooms renting from $4,921/month and two-bedrooms from $7,145/month. Additionally, the former loft warehouse/artists’ hot spot across the street at 475 Kent Avenue has converted many of its units into market-rate apartments expected to lease from $3,000 - $16,000/month.
While 480 Kent Avenue will be Naftali's first Brooklyn condo offering, the developer is still busy in tony neighborhoods of Manhattan. The firm's Upper East Side condominiums like The Bellemont and The Benson have proven immensely successful, but the developer is hardly resting on its laurels. Demolition work is underway to make way for new condos at 215 West 84th Street; additionally, construction can begin on a new 36-story tower at 255 East 77th Street.
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