Naftali to raze five-story UWS garage for condo project

Developer in contract to pay $61M for site

New York /
Jul.July 24, 2014 01:40 PM

The Naftali Group filed plans with the Department of Buildings today to demolish a five-story parking garage on the Upper West Side and is expected to build residential condominiums on the site, The Real Deal has learned.

The developer is in contract for the site at 219-223 West 77th Street for $61 million, or about $792 per square foot. The garage also includes Alamo and National car rental services.

David Berley, chair of real estate firm Walter & Samuels, and garage investor Arnold Penner owned the building, sources said.

An Avison Young team including Vincent Carrega, Neil Helman, Charles Kingsley and Jon Epstein had been marketing the site when it hit the market in April. The 7,700-square-foot lot, between Amsterdam Avenue and Broadway, features 75,000 square feet of buildable space. The deal is expected to close by September. No brokers represented Naftali.

A spokesperson for the Naftali Group could not be immediately reached for comment.

Naftali is working on several condominium projects in Manhattan, including the nearby 25-unit property at 206 West 77th Street.


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