The Real Deal

Naftali Group to develop 20-story Gramercy condo tower

June 25, 2013

see more: website

The Naftali Group paid just over $23.13 million for a Gramercy site that it plans to develop into a 20-story condo tower, the New York Post reported.

Stribling Marketing Associates will be in charge of sales and marketing, and architecture firm Goldstein Hill and West was tapped to design the building, The Real Deal has learned.

Naftali bought two adjoining four-story tenement buildings on an 86,000-square-foot site at 234-238 East 23rd Street, between Second and Third avenues. The project will feature 62 apartments, ranging from one- to three-bedrooms, as well as a fitness center and rooftop terrace-lounge. Asking prices have not been determined yet, Naftali told the Post.

The site is currently home to a Chinese restaurant and other retailers on short-term leases. The project is expected to break ground this year, the Post said.

Miki Naftali, the firm’s founder, told the Post it “was a complicated deal because we had to buy the buildings from two different owners.” [NYP] – Mark Maurer