The property at 201 N. Federal Highway, Fort Lauderdale.
New York-based Naftali Group paid $21 million for a downtown Fort Lauderdale site as it crafts plans for a residential project.
Fort Lauderdale-based 201 Federal Owner LLC, managed by Marc-Andre Roy of Ocean Land Investments, sold the 0.81-acre site at 201 N. Federal Highway to the New York based developer. It currently has a 6,514-square-foot Tire Plus automotive store. Israel Discount Bank provided a $17.4 million mortgage to the buyer.
The property last traded for $7.75 million in October 2021, so it more than doubled in value in less than a year. That’s a sign of the strong demand for multifamily development sites in downtown Fort Lauderdale as rents rapidly increase.
Naftali Group said it plans to build an apartment building of about 700,000 square feet on the site. It didn’t disclose the height or the unit count.
“We’re pleased to continue expanding our presence in South Florida’s luxury residential market with 201 North Federal Highway,” said Miki Naftali, CEO and chairman of Naftali Group. “The property’s desirable location, nestled between Flagler Village to the north and west – an area known for its young population, art scene, and nightlife options – and downtown Fort Lauderdale and Las Olas to the south, presents a prime opportunity to develop in an eclectic and burgeoning neighborhood of Fort Lauderdale.”
The property is two blocks north of Broward Boulevard and it’s another two blocks to Las Olas Boulevard.
Naftali Group now has prime development sites in both Fort Lauderdale and Miami. In March, it purchased a development site in Miami Worldcenter.
Naftali Group recently developed three condominiums on Manhattan’s Upper East Side.
As for the seller, Ocean Land Investments said it would focus on other projects in the area.
“It’s not our typical business model, but this is not a typical market cycle,” Roy said. “We all need to adjust to the new reality. In this case, we thought that it made sense to bolster our ability to seize new opportunities in the future, ideally in the Fort Lauderdale submarket, which is our backyard.”