search

The Real Deal Logo

Trending

Developer Brandon Miller in intensive careDeveloper Brandon Miller in intensive careWayne Newton’s former estate near Las Vegas hits market for $31MWayne Newton’s former estate near Las Vegas hits market for $31MDowners Grove office building saddled with delinquent $45M loanDowners Grove office building saddled with delinquent $45M loanDR Horton drops $65M for 97 acres in HomesteadDR Horton drops $65M for 97 acres in Homestead
Development
New York

Naftali files plans for Kips Bay residential project

Developer building 69 units at 301 Third Avenue

Naftali Files Plans for Kips Bay Residential Project
Naftali Group CEO Miki Naftali and 301 Third Avenue (Getty, Google Maps)

Miki Naftali’s next Manhattan project is coming into focus.

The Naftali Group filed plans for a 69-unit project at 301 Third Avenue in the Kips Bay neighborhood, Crain’s reported. The site is between East 23rd and East 24th streets.

Plans call for a 19-story, 210-foot-tall building spanning 111,000 square feet, including ground-floor retail space. It’s unclear from the plans if the units will be rentals or condos, but many of Naftali’s recent developments in New York City are of the luxury condo variety.

Naftali did not respond to a request for comment from the publication.

The Midtown-based developer doesn’t own the site, instead leasing it from Snake River Development, an entity of BNS Real Estate. Naftali signed a 99-year ground lease in September for $21.5 million, and filed demolition permits for the low-rise property on the site this month.

Sign Up for the undefined Newsletter

Miki Naftali has emerged as a towering figure in New York City’s condo market, despite the challenges facing the sector in recent years. At the end of 2023, he scored a $236 million construction loan for a 62-unit project at 255 East 77th Street on the Upper East Side.

Since 2020, he’s launched and sold out three condo projects on the Upper East Side, including an 85-unit building at 200 East 83rd Street. Naftali is also working with Len Blavatnik’s Access Industries to develop 470 Kent Avenue in Brooklyn, a three-building, 561-unit complex.

A pandemic-era champion of New York who once hung a billboard with a Jerry Seinfeld-penned op-ed about the city, Naftali has also set his sights on Miami with a 67-story residential project.

“There is a real need for quality in South Florida,” Naftali said during a recent Salon Series event at The Real Deal’s New York office. “There are not as many talented developers in South Florida as in New York.”

— Holden Walter-Warner

Read more

Naftali Group Gets $236M Loan for Next NYC Condo Project Despite higher interest rates and a slump in the city’s condo market, Miki Naftali has landed a big construction loan for a condo project at 255 East 77th Street on the Upper East Side. J.P. Morgan and Barry Sternlicht’s Starwood Capital are providing $236 million to build the 62-unit building, the company announced Wednesday, looking to extend Naftali’s winning streak despite disruptions brought by the pandemic.
Commercial
New York
Naftali lands $236 million for UES luxury condo project on East 77th St
Development
New York
Naftali is big winner in Upper East Side condo comeback
Jerry Seinfeld and Miki Naftali of the Naftali Group (Photos via Getty; Instagram)
Development
New York
“I don’t buy that NY is dead”: Naftali, Seinfeld team up on billboard
Companies and People
naftali groupMiki Naftali
Tags
nyc condo market
Recommended For You