Miki Naftali makes $73M dev play on Upper East Side

Miki Naftali is making another Uptown development play, this time jumping back to the Upper East Side.

The Naftali Group purchased a pair of vacant five-story apartment buildings at 1481-1489 Second Avenue from Sky Management for $72.6 million, the Commercial Observer reported.

The properties, between East 77th and East 78th Streets, have up to 152,000 buildable square feet, which could be expanded up to 186,000 square feet if Naftali decides to develop affordable housing, according to the publication.

JLL’s Bob Knakal and John Hagement brokered the deal, according to the publication. Max Herzog and Scott Aiese were part of a JLL team that represented Naftali in securing the financing.

It’s not clear what Naftali, who has a penchant for luxury condos, plans to do with the site. The developer recently spent $71 million to acquire a 128-unit apartment building on the Upper West Side, which he plans to tear down to make way for a high-rise, the Observer reported, citing accounts from tenants in the building.

“As with all of the firm’s developments, they are committed to developing a thoughtfully-designed building that will transform this prime corner and contribute to the ongoing transformation of the Upper East Side,” a Naftali Group spokesperson told the Observer in a statement.

Naftali was already active in the neighborhood. His firm recently secured $102.7 million in construction loans for a condo project at 1165 Madison Avenue on the corner of East 86th Street, with plans for a 13-story building with 12 condominium units, including two duplex penthouses and three full-floor residences.

Six blocks south is another Naftali development, The Benson at 1045 Madison Avenue.

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[CO] — Holden Walter-Warner