The Real Deal New York

Naftali Group assembling East 72nd St. properties: report

Developer just acquired a 3,500-square-foot townhouse there for $10M

February 26, 2016 10:35AM

Mikie Naftali 235 East 72nd

Miki Naftali, 235 East 72nd a map of the neighborhood (credit: NYCityMap)

Miki Naftali’s Naftali Group may be working to gather an assemblage of properties on the Upper East Side.

The Midtown-based developer picked up the four-story, 3,500-square-foot townhouse at 235 East 72nd Street, paying $10.1 million to Donna and Hayward Pressman, who bought the property back in 1996 for $745,0000.

Naftali is looking to acquire other properties on East 72nd Street, the New York Post reported, citing unnamed sources.

Toll Brothers, also seeking to build an assemblage in the area, reportedly bid on the property as well, according to the Post.

Miki Naftali recently opined that luxury residential prices had likely peaked. “My personal view is that, in this cycle, we have passed the top,” the developer told a Haute Magazine summit in November [NYP]Ariel Stulberg