The Real Deal

Naftali to develop UWS condos with Praedium

August 2, 2012

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The package of four apartment buildings on the Upper West Side that sold for $17 million to private equity firm the Praedium Group last month, will be redeveloped as luxury condominiums, Crain’s reported.

The five-story, mixed-use buildings are located at 176-182 82nd Street, at Amsterdam Avenue, and all but one apartment is vacant, Crain’s said. Architecture firm ODA has been retained to design the project, which will be the Naftali Group’s first condo in Manhattan.

“There are not too many development opportunities that remain from 72nd to 86th Street on the West Side,” Miki Naftali, CEO of the Naftali Group, told Crain’s in a statement.

The Landmarks Preservation Commission will need to approve the project before it can proceed, the magazine noted