Naftali to raze five-story UWS garage for condo project

Developer in contract to pay $61M for site

TRD 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.


Related Articles

arrow_forward_ios
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
Steve Roth and Miki Naftali with 1167 Madison Avenue and 50 East 86th Street (Credit: Google Maps)

Naftali buys two vacated Vornado properties for $71M

Naftali buys two vacated Vornado properties for $71M
Miki Naftali and 1045 Madison Avenue (Credit: Getty Images, Google Maps)

Naftali accused of violating zoning laws at UES development

Naftali accused of violating zoning laws at UES development
Developer Miki Naftali (Credit: Naftali Group and iStock)

Yacht Rock: Miki Naftali facing $725K lawsuit from boat broker

Yacht Rock: Miki Naftali facing $725K lawsuit from boat broker
200 East 83rd Street and Miki Naftali (Credit: Google Maps) 

Naftali Group lands $176M for (another) Upper East side project

Naftali Group lands $176M for (another) Upper East side project
1039-1045 Madison Avenue and Miki Naftali (Credit: Google Maps)

Naftali lands $120M+ in financing for Upper East Side project

Naftali lands $120M+ in financing for Upper East Side project
arrow_forward_ios

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

Loading...