Hertz garage in UWS sold for far more than $45M estimate

May 09, 2013 12:00PM

A Hertz Rental Car Garage On West 77th Street has sold for at least a third more than initial estimates of $45 million, a sign of how few development sites are on the Upper West Side, Crain’s reported.

Naftali Group purchased the property, at 210 West 77th Street, between Broadway and Amsterdam Avenue. The publication did not report how much the deal cost the development firm, which last year bought several buildings on West 82nd Street for a little more than $17 million. Robert Knakal of Massey Knakal Realty Services brought the site to market last month and handled the sale on behalf of the Jewish Board of New York.

A demand for luxury condominiums has developers aggressively going after available sites, the newspaper said. The land rush is driving up prices to as much as $700 per square foot. [Crain’s]Mark Maurer