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Power100 List #51 Miki Naftali Founder, chairman and CEO at Naftali Group

May 10, 2024 | Commercial Observer

Miki Naftali

With a $15 billion portfolio, it’s little surprise that Naftali Group’s entry into the South Florida market would be a significant enterprise: JEM, at Miami Worldcenter, is a luxury condominium tower featuring 259 units from studios to four-bedrooms, including 10 penthouses at the building’s crown, plus 530 rental units.

The area’s changing market dynamics made this initial foray attractive. “Post-COVID, the South Florida market has matured into a permanent — not just winter — destination for many people,” Miki Naftali said. “The volatility of this market has calmed down.”

Naftali’s JEM is two buildings in one, with the rental units going up to the 42nd floor, the condos residing above that, and each section having its own lobby and extensive amenity floor.

Naftali Group is currently developing another residential project, in Fort Lauderdale’s Flagler Village, that will consist of 930 units within two 50-story towers, giving the company a total of 3 million square feet in the region.

This was all part of Naftali Group’s strong 2023, which included closing over $800 million in construction loans, and selling all units in the two top-selling buildings in New York: The Bellemont, including a 13,000-square foot quadruplex that sold for $67.8 million, and 200 East 83rd Street, which included penthouses that sold for $32.5 million and $27.6 million.

While Naftali Group is clearly gung-ho about South Florida, Naftali the man makes it clear he’s going in with eyes wide open, cautiously monitoring the region’s economy and prospects to ensure they continue to be as strong as they seem today.

“If there are good opportunities, we are taking a position. But, if we see that the market is too expensive, we feel very comfortable waiting to act,” said Naftali. “The overall target is to continue to focus on the Florida market and grow the business in a very systematic and careful way.”

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