The Mann Report
August 9, 2013
The Naftali Group, one of the city’s most active development firms, has acquired a prime 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 Naftali Group has 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-square-foot 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 Chief Executive Officer of The Naftali Group. “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.