CoStar Group

Naftali Group Pays $23.1M for Gramercy Location

July 11, 2013

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New York-Based Developer Plans to Construct 20-Story Condo Tower

By Shaunta Bruner

Naftali Group, a New York-based developer, owner and operator, acquired two multifamily buildings in Manhattan from an individual for an aggregate $23.13 million, or about $315 per buildable square foot. The two buildings at 234-236 E. 23rd St. and 238 E. 23rd St. in New York, NY were purchased in two separate transactions valued at $7.7 million and $11.8 million, respectively. Current plans call for the development of an 86,000-square-foot, 20-story office condo tower. The tentative delivery date for the project is 2016. Adam Traub of Besen & Associates, Inc. represented the seller. Amit Doshi, also with Besen & Associates, represented the buyer. Please see CoStar COMPS #2774763 and 2774694 for more information on this transaction.