The Real Deal

Naftali Fields Inquiries For Condos Before Closing On UWS Land

July 1, 2013

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The Naftali Group is already getting calls from potential buyers interested in his Upper West Side condominium project, the New York Observer reported. The only snag? The developer only recently closed on the site at 206-210 West 77th Street, which is currently home to a parking garage.

Naftali paid $55.5 million for the property, which is nestled between two historic districts, allowing the firm to build without the restrictions that apply to much of the neighborhood, the company said in a release issued today.

Previously, Massey Knakal’s Bob Knakal, who brokered the deal, said he expected the sale would fetch as much as $45 million.

The garage will be razed to give way for a 100,000-square-foot luxury condo development. Naftali Group expects to break ground next year. The building will stand 18 stories and have approximately 30 homes, the release said. The seller was the Jewish Board of Family and Children’s Services.

“There is absolutely no inventory on the Upper West Side,” Miki Naftali, the firm’s founder, told the Observer. “For the first time, in my career at least, we’re already getting phone calls” from those interested in snagging homes before a design has become available.

A week ago, news came that Naftali paid just over $23 million for a Gramercy site that will give way to a 20-story tower. [NYO] —Zachary Kussin