Real Estate Bisnow

The Deal Sheet

July 2, 2013

The Naftali Group bought an 86k SF development site at 234-238 E 23rd St between Second and Third in Gramercy for $23M ($19.5M plus tenant buyouts). Naftali will demolish the 13 apartments and three stores and late this year break ground on a 20-story building with 62 condos and ground-floor retail with a 24-hour doorman, storage units, fitness center, bike storage, and a rooftop terrace. The site allows 62k SF and is next to a Second Avenue subway station that’ll open in 2016. Besen & Associates’ Adam Traub repped the sellers, and his colleague Amit Doshi repped Naftali.

And yesterday, Naftali announced that it bought a parking garage at 206-210 W 77th St between Broadway and Amsterdam for $55.5M and will break ground in 2014 on 30 luxury condos (100k SF, also including ground-floor retail and some parking for residents).