Real Estate Weekly

Deals & Dealmakers

July 3, 2013

The Naftali Group has acquired an Upper West Side residential development site less than three weeks after closing on another site in Gramercy.

Located between Broadway and Amsterdam Avenues on the Upper West Side, the company purchased 206-210 West 77th Street, to be developed as luxury condominiums.

The parcel, purchased for $55,478,000, is currently occupied by a parking garage. The existing structure will be demolished to make way for a 100,000 s/f condominium and is expected to break ground in 2014.

“The Upper West Side is one of the most supply constrained submarkets in New York City and this acquisition further demonstrates our commitment and belief in the neighborhood,” stated Miki Naftali, chairman and CEO of The Naftali Group, who is also developing a nearby condominium project located at 182 West 82nd Street. “The development intent is to deliver gracious units with highly sophisticated finishes.”

Once completed, the 18-story ground-up condominium development will house approximately 30 private residences. There will also be ground floor retail space, as well as a limited number of parking spaces for residents.

Earlier this month, the company paid $23 million to purchase a sdevelopment site at 234-238 East 23rd Street in the Gramercy neighborhood.

The 86,229 s/f assemblage, made up of two adjoining buildings between Second and Third Avenues, will become home to a 20-story condominium with approximately 62 residential units and ground-floor retail.

That project is expected to break ground late this year, and once complete, will include one-to three-bedroom residences.

Besen & Associates’ Adam Tranb represented the sellers in that deal and Amit Doshi represented the The Naitali Group.

“This deal was always on pins and needles,” said Doshi, “and once again we got involved in tenant buyouts. It was challenging yet rewarding, and we look forward to seeing a project that will redefine that pocket of Gramercy.”

Last year Doshi sold four vacant Upper West Side buildings located at 176, 178, 180 & 182 West 82nd Street to a partnership led by Naftali for redevelopm