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

May.May 09, 2013 12:00 PM

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

Related Articles

201 West 92nd Street and 78 Riverside Drive (Credit: Google Maps)

Acuity Capital lands $324M refi on 28-building multifamily portfolio

200 Amsterdam Avenue and Municipal Art Society President Elizabeth Goldstein (Credit: iStock) 

Foes of 200 Amsterdam say other towers safe from cut-down

The Strand at 828 Broadway and Book Culture at 450 Columbus Avenue (Credit: Wikipedia, Google Maps)

Strand to take over former Book Culture location on UWS

Steve Pozycki and 200 Amsterdam Avenue (Credit: iStock)

Developer: UWS residents flocking to tower their neighbors fought

Book Culture at 450 Columbus Avenue (Credit: Google Maps)

Upper West Side bookstore closes amid accusations of fraud

Developers are paying big for parking lots in urban areas. (Credit: iStock)

They paved paradise to sell a parking lot

Seth Schochet, Drew Goldsmith and 201 West 77th Street (Credit: Google Maps)

Large, low-key landlord snags UWS building for $100M+

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC