The Real Deal
March 31, 2023
The Naftali Group scored a $68 million sale at 1165 Madison Avenue.
The deal likely includes two penthouses with a combined 13,000 square feet with 11 bedrooms and 12 bathrooms, according to property records. Considering both units, the unknown buyer, 1165 Madison PHC-D Trust, paid about $5,230 per square foot.
The sale price is in line with the building’s offering plan, which lists a $40 million asking price for PHC and a $27 million for PHD.
The transaction comes after the developer told Mansion Global in Nov. 2021 the condo building’s two top units went into contract for a combined $66.5 million.
Compass’ Alexa Lambert, who had the listing, declined a request for comment on the sale. The developer did not immediately respond to a request for comment.
Miki Naftali’s firm acquired the development site in 2019 from Vornado Realty Trust for $71 million. At the time, the property at the corner of Madison Avenue and East 86th Street included two vacant buildings, an eight-unit apartment building and a retail building which previously held chef Michael White’s Ristorante Morini.
Naftali filed the plans for the condo in May 2020, as non-essential construction sites in the city remained closed due to the pandemic. At the time, Naftali said in a statement that “while we recognize today’s conditions, we are committed to continuing to develop and build quality developments.”
Sales launched at the building, known as The Bellemont, in October 2021.
Deals for the units have regularly topped weekly reports on the priciest contracts in Manhattan, including last February when PHB went into contract after asking $25 million. A ninth-floor unit entered contract a month prior while asking $21.5 million, up from its initial $18.7 million price.
Designed by Robert A.M. Stern Architects, the 13-story, 12-residence boutique building includes amenities such as a rooftop terrace overlooking Central Park, screening room, squash court, children’s playroom, fitness center and 24-hour doorman and concierge services.
The Bellemont is in good company with other projects by the Naftali Group on the Upper East Side, including The Benson at 1045 Madison Avenue and another condo at 200 East 83rd Street. Marketproof data published in December 2021 showed sales at the two buildings accounted for 45 percent of new development sales in the neighborhood.
The developer also filed plans for a mixed-use building at 255 East 77th Street last September.