M
iki Naftali is moving forward with his Upper East Side condominium project, securing a significant construction loan and finding additional debt to complete the development. The Naftali Group has landed a $140 million construction loan from JPMorgan Chase for its 255 East 77th Street project. This follows another recent loan provided by JPMorgan at the Lenox Hill project.

    The developer initially purchased the land three years ago for $73 million, or $428 per zoned square foot. The building is set to span 190,000 square feet and has a projected sellout of $531.6 million. Naftali launched sales in September for both this project and The Henry at 211 West 84th Street, with Compass Development Marketing Group marketing the former.

    Naftali's developments have bucked the city's slumping condo market and tougher interest rate environment. Since 2020, he has sold out multiple projects on the Upper East Side, including the 85-unit 200 East 83rd Street and two smaller projects on Madison Avenue. The developer is also focusing on South Florida for luxury projects, with a planned two-tower project in Fort Lauderdale's Flagler Village featuring 936 units.

    Naftali has secured $238 million in debt from Bank OZK this year for a massive residential project in Williamsburg, alongside Len Blavatnik. Despite mortgage rates and an election affecting the market, Naftali continues to thrive with new development projects.