{"id":183873,"date":"2026-04-02T22:01:42","date_gmt":"2026-04-02T22:01:42","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/183873\/"},"modified":"2026-04-02T22:01:42","modified_gmt":"2026-04-02T22:01:42","slug":"221-west-41st-street","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/183873\/","title":{"rendered":"221 West 41st Street"},"content":{"rendered":"

\"221<\/a><\/p>\n

On the heels of closing a $125 million loan for 70-28 Grand Central Parkway earlier this year, Naftali Credit Partners<\/a>, a subsidiary of Naftali Group \u2013 the leading, privately held, global real estate development and investment firm led by CEO and Chairman Miki Naftali, announced the closing of a $203 million loan for 221 West 41st Street<\/a>, a 25-story redevelopment in Midtown Manhattan, marking the 10th deal of its second opportunistic debt fund. The financing supports the repositioning of the building from an office tower into a new residential development.<\/p>\n

Naftali Credit Partners structured the $203 million loan for Yellowstone Real Estate Investments, a private equity firm specializing in opportunistic and value-add transactions across the United States, to refinance existing bridge debt and fund hard costs, soft costs and related expenses associated with the office-to-residential conversion at 221 West 41st Street. Naftali Credit Partners successfully syndicated a $167 million senior loan, while retaining a $36 million mezzanine loan.<\/p>\n

\u201cAs New York City continues to navigate the evolution of its office market, we see strong opportunity in well-located office-to-residential conversions that bring new housing to dynamic neighborhoods,\u201d said Glenn Grimaldi, Chief Executive Officer of Naftali Credit Partners. \u201c221 West 41st Street is uniquely positioned steps from Times Square, and Yellowstone has demonstrated a disciplined approach to acquiring and repositioning complex assets. We are proud to support the delivery of new housing in the heart of Manhattan while continuing the strong momentum of our second credit fund.\u201d<\/p>\n

Originally built in 1921, the 25-story building at 221 West 41st Street is being converted to deliver residential units with a mixture of market-rate and 25% affordable housing under New York City\u2019s 467-M program, along with ground-floor retail on 42nd Street. The development\u2019s retail space is anchored by Smartech\u2019s first North American flagship, bringing an experiential retail concept to the Times Square corridor. Residents will have access to a robust amenity package including a fitness center, spa, golf simulator, lounge and outdoor terrace.<\/p>\n

\u201cThis latest transaction brings Naftali Credit Partners\u2019 total investment since launch to approximately $300 million,\u201d added Glenn Grimaldi. \u201cAs we continue to grow our platform and expand our reach, we have served as the fulcrum financing piece of the capital stack across approximately $1.4 billion in transactions. We remain focused on deploying flexible capital alongside strong sponsors and supporting high-quality real estate projects in New York City, South Florida and other gateway markets.\u201d<\/p>\n

Located steps from Times Square, 221 West 41st Street is situated within one of Manhattan\u2019s most dynamic commercial and entertainment corridors in Midtown West. The property benefits from immediate access to multiple subway lines, Penn Station and Grand Central Terminal, as well as proximity to major employers, retail destinations and cultural institutions.<\/p>\n

Naftali Credit Partners, a subsidiary of Naftali Group, is an alternative lender focused on transitional real estate assets. Naftali Credit Partners lends on projects requiring flexible capital in illiquid segments of the market that traditional banks are less likely to finance due to increased regulation, transaction complexity or execution requirements that are better suited for an integrated real estate firm. Naftali Credit Partners\u2019 goal is to provide borrowers with a seamless and competitive execution while providing its investors with superior risk-adjusted returns and significant downside principal protection. Naftali Credit Partners primarily focuses on mezzanine debt, preferred equity and first mortgages on transitional properties in gateway U.S. markets.<\/p>\n

Naftali Group, a privately held global real estate development and investment firm based in New York City, has a prestigious track record, having led some of the most significant developments and landmark restorations. Founded and led by Miki Naftali, Naftali Group is highly specialized in identifying and acquiring undervalued properties in premier geographic areas with strong potential growth while maximizing the value of unique and irreplaceable assets. Naftali Group pursues strategic acquisitions and continuously grows its extensive portfolio of new development condominiums, income-producing, mixed-use properties and other assets. Through innovation and discipline, Naftali is recognized as a leading developer with a current and past portfolio comprised of more than 50 projects encompassing more than $15 billion in total value. One of the most active firms in New York City, Naftali Group has successfully launched and sold out three record-breaking luxury condo projects in Manhattan since 2020, including The Benson at 1045 Madison Avenue, 200 East 83rd and The Bellemont at 1165 Madison Avenue. The firm has several new development projects in the pipeline both in Manhattan and in Brooklyn, where the firm\u2019s waterfront development Williamsburg Wharf is currently in progress and recently completed its first phase. In addition to active projects in New York City, Naftali Group is developing over 3 million square feet of premier residential and mixed-use space across two projects in South Florida, including JEM in Miami and Viceroy Residences in Fort Lauderdale.<\/p>\n

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