Naftali to build 12-story Chelsea condo following $20M buy

New York /
Aug.August 19, 2013 09:00 AM

Updated, 10:13 a.m., August 19: Miki Naftali has paid $20.1 million for four buildings on West 25th Street, where he will build a 12-story condominium tower, the Wall Street Journal reported.

The two new parcels acquired in the deal, when combined with a site on the same street that Naftali purchased late last year for $37 million, will let Naftali build 61 units ranging from one to three bedrooms, some of which will be rentals. The architect will be Alan Goldstein from Goldstein, Hill & West Architects, whose other projects include 56 Leonard Street, a spokesperson for Naftali Group told The Real Deal exclusively. Stribling Marketing Associates will handle sales at the building, the spokesperson added.

“I’ve developed many condominiums in Chelsea,” Naftali told the Journal. “With its tree-lined street, West 25th is to be one of loveliest blocks in the neighborhood.”

His eponymous Naftali Group – which he formed two years after stepping down as chief executive of Israeli powerhouse Elad Properties — is backed by big-name investors such as SL Green Realty and AEW Capital Management, the developer added.

In recent months, the developer has closed on nearly 300,000 square feet of development sites in the Upper West Side and Gramercy with an eye towards condos, according to the Journal. [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
Mickey Rabina and renderings of his 452,132 square foot building. (Getty, Rabina, Ceruzzi Properties)
The 10 biggest new project filings in NYC
The 10 biggest new project filings in NYC
Charlie West at 505 West 43rd Street, Elad's Yitzhak Tshuva and Tishman Realty's Daniel Tishman (Photos via StreetEasy, Charlie West, Getty, Elad)
Tishman Realty strikes bulk condo deal with Elad Group
Tishman Realty strikes bulk condo deal with Elad Group
Miki Naftali of Naftali Group and 470 Kent Avenue (Getty; Google Maps)
Naftali Group files plans for 400-unit towers in Williamsburg
Naftali Group files plans for 400-unit towers in Williamsburg
Miki Naftali
Is urban living dead? “I don’t buy it,” says Miki Naftali
Is urban living dead? “I don’t buy it,” says Miki Naftali
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)
Naftali closes on large Williamsburg development site for $100M
Naftali closes on large Williamsburg development site for $100M
1165 Madison Avenue and Naftali Group's Miki Naftali (Credit: Google Maps and Gonzalo Marroquin/Patrick McMullan via Getty Images)
Naftali Group plans another Upper East Side condo
Naftali Group plans another Upper East Side condo
TRD Talks Live
Watch major NYC developers tonight on TRD TALKS LIVE
Watch major NYC developers tonight on TRD TALKS LIVE
Tribeca neighbors locked in a protracted legal dispute over access to an alley, 5 Franklin Place, raise questions about city agencies’ actions after lobbying. (Credit: Google Maps, Wikipedia Commons, iStock)
In Tribeca, an alley fight for the ages
In Tribeca, an alley fight for the ages
arrow_forward_ios

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

Loading...