Real Estate Weekly

Naftali closes on Chelsea parcel, plans development

August 19, 2013

By REW Staff 5:40 pm, August 19, 2013

The Naftali Group has acquired five contiguous buildings to create a tremendous footprint in the Chelsea submarket, now controlling over 250 feet of frontage on the north side of West 25th Street between Seventh and Eighth Avenues. While Naftali Group purchased 245-259 West 25th Street in late 2012, it has added through an assemblage 261-267 West 25th Street for a total cost of $20,100,000. Currently in the design phase, Naftali Group plans to demolish the existing structure in order to develop the Property into a 12-story luxury residential condominium containing 108,393 square feet. CEO and Chairman Miki Naftali commented, “I’ve developed many condominiums in the Chelsea submarket, but with its tree lined street, West 25th Street happens to be one of loveliest blocks in the neighborhood. “We anticipate that there will be strong condo demand from buyers seeking a downtown feel in a central location.” Once complete, the project will include approximately 61 residential units ranging from one- to three-bedrooms. Expected amenities at the building will include a 24-hour doorman/concierge, storage units, fitness center, bike storage, and a rooftop terrace/lounge. The Naftali Group adds the 25th Street development to its growing condominium collection. Just announced in the last month were the acquisitions of development sites on the Upper West Side at 206-210 West 77th Street and in Gramercy at 234-238 East 23rd Street, to be developed as luxury condominiums.