Naftali in contract to buy large UES development site

Developer to pay $167M for Yorkville plot: sources

New York /
Mar.March 15, 2019 06:00 PM

Muss Development principal Jason Muss and Naftali Group founder Miki Naftali with the buildings at 1461-1469 Third Avenue (Credit: Google Maps)

Miki Naftali has put another large development site under contract.

The developer’s Naftali Group signed a contract to pay $167 million for an Upper East Side development site it has been eyeing for about a year, sources told The Real Deal.

The site, owned by Muss Development and the Aryeh family, consists of six low-rise buildings at the southeast corner of East 83rd Street and Third Avenue, and has more than 250,000 buildable square feet.

That brings the contract price to about $668 per square foot.

Representatives for Naftali, Muss and the Aryeh family could not be immediately reached for comment. A JLL team headed by Bob Knakal and Clint Olsen negotiated the deal on behalf of the sellers, and also could not be immediately reached.

Naftali is planning to build a high-end residential condominium tower with a retail base on the site, according to marketing materials the company was using last year as it sought an equity partner.

Sources previously told TRD that Naftali had brought on the Rockefeller Group to form a joint venture to develop the sight, though it couldn’t be determined if Rockefeller is currently a partner.

The development parcels are located at 1461-1469 Third Avenue and 204 East 83rd Street. Additional air rights come from two buildings at 1453-1455 and 1459 Third Avenue at the corner of East 82nd Street.

The development site is the second large deal Naftali’s recently put into contract. The developer is angling to buy one of the last large development sites on the Williamsburg waterfront at a price somewhere between $180 million and $185 million, as TRD previously reported.

 

Related Articles

arrow_forward_ios
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Anita Durst and images of Chashama (Photos via Getty, Chashama)
Durst-backed nonprofit puts startups into empty storefronts
Durst-backed nonprofit puts startups into empty storefronts
Berkshire Bank headquarters in 4 East 39th Street (Google Maps)
Major FiDi landlord resigns as bank chairman after stock windfall
Major FiDi landlord resigns as bank chairman after stock windfall
Nationally, just under one-third of office workers have returned to the office spaces they occupied before the pandemic. (iStock)
Employers face uphill battle luring staff back to the office
Employers face uphill battle luring staff back to the office
arrow_forward_ios

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

Loading...