National Real Estate Investor

Naftali, Praedium Acquire Residential Properties on West 82nd, Plan Condo Conversion

August 19, 2012

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NEW YORK—The Naftali Group, along with partner Praedium Group, have acquired four contiguous apartment buildings located at 176, 178, 180 and 182 West 82nd Street for $17.05 million. The transaction was brokered by Abraham Aderet, Iris Rossano and Amit Doshi of Besen & Associates.

The properties each contain five stories and taken together contain 20 floor-through apartments with a total of 34,000 sq. ft. The properties were delivered vacant.

“We are excited to invest in this prime, well-located site to develop bespoke private residences in the Upper West Side,” said Miki Naftali, CEO of the Naftali Group.

The new ownership has plans to renovate the properties and convert the space into condos. Construction is planned for early next year, but because the buildings are located in a landmark district, the developer must obtain approval from the city Landmark Preservation Commission before it can begin renovating.