Naftali fields inquiries for condos before closing on UWS land

New York /
Jul.July 01, 2013 06:00 PM

The Naftali Group is already getting calls from potential buyers interested in his Upper West Side condominium project, the New York Observer reported. The only snag? The developer only recently closed on the site at 206-210 West 77th Street, which is currently home to a parking garage.

Naftali paid $55.5 million for the property, which is nestled between two historic districts, allowing the firm to build without the restrictions that apply to much of the neighborhood, the company said in a release issued today.

Previously, Massey Knakal’s Bob Knakal, who brokered the deal, said he expected the sale would fetch as much as $45 million.

The garage will be razed to give way for a 100,000-square-foot luxury condo development. Naftali Group expects to break ground next year. The building will stand 18 stories and have approximately 30 homes, the release said. The seller was the Jewish Board of Family and Children’s Services.

“There is absolutely no inventory on the Upper West Side,” Miki Naftali, the firm’s founder, told the Observer. “For the first time, in my career at least, we’re already getting phone calls” from those interested in snagging homes before a design has become available.

A week ago, news came that Naftali paid just over $23 million for a Gramercy site that will give way to a 20-story tower. [NYO]Zachary Kussin

CORRECTION: A previous version of this post said the structure will have 30 stories. It will have 18 stories.


Related Articles

arrow_forward_ios
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
Adam Leitman Bailey, Y. David Scharf, and Miki Naftali with 215 West 84th Street (Adam Leitman Bailey, Morrison Cohen, Getty)
Naftali lays out project as holdout tenant plays new card
Naftali lays out project as holdout tenant plays new card
 Miki Naftali and Adam Leitman Bailey (Getty, Adam Leitman Bailey; Illustration by Kevin Rebong for The Real Deal)
Heavyweight lawyers at war in Naftali holdout drama
Heavyweight lawyers at war in Naftali holdout drama
(iStock)
New development activity spikes in February — even in Queens
New development activity spikes in February — even in Queens
1045 Madison Ave and Sarah Fiszel (Getty, The Benson)
Former broker buys $13M Naftali condo
Former broker buys $13M Naftali condo
Multifamily assets power another strong week for investment sales
Multifamily assets power another strong week for investment sales
Multifamily assets power another strong week for investment sales
Miki Naftali’s with 215 West 84th Street (iStock, Getty)
David and Goliath saga unfolds at Naftali condo conversion
David and Goliath saga unfolds at Naftali condo conversion
Miki Naftali and (from left) The Bellemont, The Benson and 200 East 83rd
Naftali is big winner in Upper East Side condo comeback
Naftali is big winner in Upper East Side condo comeback
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...