N
aftali Group has secured a $67.5 million construction loan from First Citizens Bank for its 69-unit mixed-use project at 307 Third Avenue in Kips Bay. The development, which will rise 19 stories and stand 210 feet tall, features 111,000 square feet of space and ground-floor retail.

    This multifamily project marks a departure for Naftali Group, known primarily for condo developments, and is one of several projects the company has underway in NYC. Miki Naftali's team has secured financing for the project, paving the way for construction to begin.

    The property, which will include 69 units, was previously leased from Snake River Development by Naftali Group for $21.5 million under a 99-year ground lease. Demolition permits were filed last February and work wrapped up over the summer. The project is expected to launch sales this spring and complete construction in 2026.

    Naftali Group has established itself as one of NYC's leading condo developers, with notable projects including a 62-unit building at 255 East 77th Street and an 85-unit building at 200 East 83rd Street. The company is also working on a three-building complex in Brooklyn with Len Blavatnik's Access Industries.