New York Post


August 27, 2004

The group that just spent $675 million on the Plaza Hotel has scooped up the mid-block SIR Studios site for

$43 million, where it intends to construct the first high-rise luxury condos in Clinton.

The site at 310 W. 52nd St. was bought by Miki Naftali’s El-Ad Group from Vikram Chatwal’s hospitality

company. Chatwal combined the former SIR Studio with transferable development rights from his Howard

Johnson Hotel so a larger and taller building can be constructed.

According to broker Eric Anton of Eastern Consolidated Properties who worked with partner Ron Solarz,

Naftali sees the area filled with rentals as ripe for the luxury market.

“The building will have upscale amenities and wonderful views,” said Anton.