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Naftali Group plans another Upper East Side condo

The 12-unit building is about six blocks away from the developer’s other project

1165 Madison Avenue and Naftali Group's Miki Naftali (Credit: Google Maps and Gonzalo Marroquin/Patrick McMullan via Getty Images)
1165 Madison Avenue and Naftali Group's Miki Naftali (Credit: Google Maps and Gonzalo Marroquin/Patrick McMullan via Getty Images)

Another new development condo is coming to the Upper East Side.

Naftali Group filed preliminary plans last week to build a new 13-story building at 1165 Madison Avenue, a development site on the corner of East 86th Street.

The nearly 62,700-square-foot building will have 12 residential apartments with about 3,750 square feet of retail space on the ground floor, permits show. Miki Naftali, CEO of his eponymous development firm, said the building would be a boutique condo.

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According to the plans, first reported by PincusCo, three of the 12 units will be duplexes. Five units will span the full floor plate of the building and two of the duplexes will occupy the building’s upper four floors. Building amenities are slated to include a rooftop terrace, squash court, gym, children’s playroom and home theater. SLCE Architects is designing the building.

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When asked about the timing of the development, as non-essential construction sites in New York City remain closed, Naftali said in a statement that “while we recognize today’s conditions, we are committed to continuing to develop and build quality developments.”

In March, the developer called for a total shutdown of all non-essential businesses to control the spread of coronavirus.

Naftali acquired the site on Madison Avenue last year from Vornado Realty Trust for $71 million. It came with two vacant buildings, an eight-unit apartment building and a retail building that used to house chef Michael White’s upscale Italian eatery, Ristorante Morini.

Naftali filed permits to demolish both structures in January. Its new condo building will stand 210 feet tall.

Last December, Naftali said the new site would complement a second condo the developer has been working on nearby at 1045 Madison Avenue. The project has been years in the making and has run afoul of some neighbors of late.

Write to Erin Hudson at ekh@therealdeal.com

Tags
Manhattan Condo MarketMiki NaftaliNaftali GroupUpper East Side