NEW YORK | 800 5th Ave | 330 FT | FLOORS

[NYguy]

Just now reading that article…..

https://nypost.com/2025/08/17/business/m...sale-of-apartment-building-office-tower/

Naftali plans to demolish the building for a sexy new condo tower. “We’re thrilled that after fifty years as the best rental building in the city, 800 Fifth will be transformed in the next incarnation to the best new condominium,” he said in a statement.

That could require evicting or relocating tenants of 208 apartments. Sources said the mood in the building was subdued but not panicked as Naftali’s move came as no surprise. Some tenants “hired lawyers months ago,” we’re told.

A Naftali Group spokesperson would only say, “We look forward to sharing our vision for the contextual redevelopment of this site with the community in the coming months.”

[ChiND]

When Naftali says that it will be a contextual building, I assume that he means roughly the height of The Pierrre and The Sherry Netherland. The again, 625 Madison, 655 Madison, and 520 Park have dramatically raised the context, in terms of height.

[jackster99]

Originally Posted by ChiND

When Naftali says that it will be a contextual building, I assume that he means roughly the height of The Pierrre and The Sherry Netherland. The again, 625 Madison, 655 Madison, and 520 Park have dramatically raised the context, in terms of height.

I'm hoping that no, he doesn't mean contextual in terms of height, he means contextual in terms of style. Imagine a Stern supertall that harkens to The Pierre and The Sherry Netherland.

Does anyone know how tall they can go here?

[ChiND]

Originally Posted by jackster99

I'm hoping that no, he doesn't mean contextual in terms of height, he means contextual in terms of style. Imagine a Stern supertall that harkens to The Pierre and The Sherry Netherland.

Does anyone know how tall they can go here?

I agree. I was wondering the same thing about how tall this could be. I'm not always fixed on height, but 1,200'+ would be nice here.

[NYguy]

Height will be determined by design. Being directly on the park, they don’t need to go insanely tall. But for some people, even a 700 ft tower is too tall. So “contextual” in this case could also mean a tower that is respectful in design to neighboring towers, but to the area in general, that has seen an increasing number of supertalls being built and planned.

This picture alone doesn’t even include markings for 655 Madison, Park Lane, etc.

[ChiND]

That also doesn't include 36 CPS. I'm curious to see what will rise at Soloviev's site on 57th Street.

It seems that Xing is no longer around. A rendering from the park with Sedesco's project, 655 Madison, 350 Park, and Witkoff's Handel proposal at 36 CPS (just for perspective) would have been nice to see. Hopefully, we'll get details soon for Soloviev's site, 625 Madison, and 1 E 57th.

It would be nice if we had information about GDSNY's site on Park.

[NYguy]

Bold words…


https://commercialobserver.com/2025/08/miki-naftali-closes-on-800-fifth-for-810m/

The luxury rental building has sweeping views over Central Park, and Naftali is now planning a luxury condo building in its place, with one source saying when all is said and done the building will be the “sexiest condo project NYC has ever seen.”

Eliot Spitzer, whose father Bernard Spitzer built the 208-unit, 355,000-square-foot apartment building in the late 1970s, said in a statement, “We are thrilled that over 50 years after building the best rental building in the city that 800 Fifth will be transformed in the next incarnation to the best new condominium in the city.”

https://www.crainsnewyork.com/real-estate/jpmorgan-goldentree-fund-naftali-purchase-800-fifth-ave

While the current property is being used for rentals, the sale was marketed as a development opportunity. A developer would have the ability to build roughly 350,000 square feet for residential use.

"We're proud to have built it, owned it and are now excited to see Miki Naftali create an absolutely spectacular addition to New York City," Eliot Spitzer said.

[NYguy]

Just threw in some placeholders for the Park Land and Solo's 57th St tower, as well as 655 Madison...

[ChiND]

In a few years, our unparalleled skyline will be even more extraordinary!

[NewYorkCity76]

Just seeing those placeholders makes me excited for that time to come!

[NYguy]

^ Yes. Just wish we had more renderings. But the area is hot with development.



https://therealdeal.com/new-york/2025/08...ction-affects-naftalis-800-fifth-avenue/

Does good cause eviction threaten Naftali’s Fifth Avenue condo?
Developer must clear out tenants to replace rental building


By Erik Engquist
August 19, 2025

Because of good cause, raze-and-rebuild and other value-add projects in New York are a lot harder than they used to be for free-market buildings. The law, which the state passed last year, forces landlords to offer lease renewals to most tenants who are current on rent and not axe murderers.

If Naftali had to offer renewals to all the tenants at 800 Fifth, he would have to buy them out to get them to leave. That would be prohibitively expensive if not impossible.

A successful developer such as Naftali would not hand Spitzer more than $800 million for the building, nor did JPMorgan Chase lend him $675 million for the purchase, without certainty that he could empty the 208-unit building and put a condo tower in its place.

But it’s more complicated than you would think. And some folks in the real estate industry are wondering whether ambitious tenants could ask Naftali for a buyout and — citing good cause eviction — threaten to hold out if he refuses.

At first blush, it wouldn’t seem like they have a case: The good cause eviction law does not apply if the building is being demolished.

But technically, Naftali is not going to demolish 800 Fifth Avenue. Rather, he will rebuild it. “Contextual redevelopment,” the firm said.

That is because 800 Fifth is overbuilt, meaning it’s larger than zoning allows, thanks to a special permit that Spitzer’s late father, famed developer Bernard Spitzer, obtained from the city to put up the 33-story tower in the late 1970s.

Demolishing more than 75 percent of the building would prevent Naftali from constructing an equally overbuilt tower in its place, according to PropertyScout CEO Wilson Parry. Given the purchase price, construction costs and the incredible premium buyers pay to own on Fifth Avenue, he needs to build as many square feet as is allowed. Rebuilding, rather than razing, will preserve the special permit.

So if good cause’s demolition exception doesn’t apply, how can Naftali refuse to renew leases? Because there’s another exception in the law that applies to high rents, defined as at least 245 percent of the “fair market rent.” This year, the high-rent threshold is $6,152 for a one-bedroom apartment.

The law doesn’t protect tenants in luxury units. It’s one of the few times that being rich works against you. (A dozen other building types are exempt from good cause, including co-ops, condos, hotels, dorms, religious facilities, income-restricted rentals and properties owned by small landlords.)

[NYguy]

“sexiest condo project NYC has ever seen.”

https://youtu.be/v43K7m042Fw?si=VCZ9Z16BYhIIX2gE

[ChiND]

Speaking of the Spitzers, I wonder when the Love Guv will proceed with his Fifth Avenue project near The Met.

[NYguy]

Property information….

[ChiND]

The initial article that I read stated that the building would be demolished, but subsequent articles suggest that only a portion can come down. I'm curious what we will get here.

P.S.: I assumed that this whole building had free-market tenants and not regulated. I further assumed that a landlord could chose not to renew the expiring leases of free-market tenants.

[NYguy]

https://www.crainsnewyork.com/real-estat...s-fifth-avenue-luxury-apartment-building

Naftali Group closes on $810M acquisition of Fifth Avenue luxury apartment building





August 21, 2025
JULIANNE CUBA

Prolific real estate developer Naftali Group has closed on its more than $800 million deal to purchase a luxury apartment building on Manhattan's Fifth Avenue, records show.

Miki Naftali, chairman and CEO of the firm, which boasts large presences in New York and Miami, signed the documents finalizing the acquisition of 800 Fifth Ave. for $810 million, according to a deed that hit the city register late Wednesday.

Established in 2011, Naftali Group had gone under contract to buy the 33-story Lenox Hill tower from Spitzer Enterprises, the real estate firm run by former New York Gov. Eliot Spitzer, and the Winter Organization earlier this year.

Benjamin J. Winter, manager at the family-run firm founded in 1901, signed the document on behalf of the seller, along with Spitzer himself, records show.

Built in 1978, the 208-unit rental property, located between East 61st and East 62nd streets with sweeping views of Central Park, is fully leased. A 1,475-square-foot two-bedroom unit on the 22nd floor rented earlier in August for $16,000 per month, according to information from StreetEasy

[Mickey Bricks]

I just realized this property sits on the exact same plot of land as the Russel mansion from the HBO hit drama 'The Gilded Age.' As a fan of the show, my interest in this development is now drastically increased. I'm concerned, however, that the zoning limitations on the developer's ability to fully demolish the existing blight of a building will significantly undermine Naftali's vision of erecting the “sexiest condo project NYC has ever seen.”

[NYguy]

Originally Posted by Mickey Bricks

I just realized this property sits on the exact same plot of land as the Russel mansion from the HBO hit drama 'The Gilded Age.' As a fan of the show, my interest in this development is now drastically increased. I'm concerned, however, that the zoning limitations on the developer's ability to fully demolish the existing blight of a building will significantly undermine Naftali's vision of erecting the “sexiest condo project NYC has ever seen.”

You can rest assured that the developer (Naftali) knew the exact capabilities and limitations of the site before throwing $800 million at it. As for the Gilded Age, I enjoyed learning about that era, I have books on it and they are worth reading for anyone interested in New York City's history. ( 2 seasons behind on that show though.) I always felt that 5th Avenue should be lined with photo markers of the mansions that once lined the street. But I'm expecting something here to be a "throwback" of sorts to more classic New York skyscraper design, as opposed to a modern, glass condo. The site calls for it. We shall see.

[Mickey Bricks]

Originally Posted by NYguy

You can rest assured that the developer (Naftali) knew the exact capabilities and limitations of the site before throwing $800 million at it. As for the Gilded Age, I enjoyed learning about that era, I have books on it and they are worth reading for anyone interested in New York City's history. ( 2 seasons behind on that show though.) I always felt that 5th Avenue should be lined with photo markers of the mansions that once lined the street. But I'm expecting something here to be a "throwback" of sorts to more classic New York skyscraper design, as opposed to a modern, glass condo. The site calls for it. We shall see.

I sure hope you're right, as you so often are. Reviewing Naftali's portfolio would certainly lead one to anticipate a Stern commission for the site. As this would quite assuredly be the most prominent address of Stern's (and Naftali's) career, I'm hoping to see a design equal to the occasion. If he were somehow able to more vividly resurrect the creative ghost of the great Rosario Candela with perhaps an added splash of the equally estimable Emory Roth, for instance, then I expect all of my highest hopes for this project will have been met. Haha...fingers crossed.

[NYguy]

Originally Posted by Mickey Bricks

I sure hope you're right, as you so often are. Reviewing Naftali's portfolio would certainly lead one to anticipate a Stern commission for the site. As this would quite assuredly be the most prominent address of Stern's (and Naftali's) career, I'm hoping to see a design equal to the occasion. If he were somehow able to more vividly resurrect the creative ghost of the great Rosario Candela with perhaps an added splash of the equally estimable Emory Roth, for instance, then I expect all of my highest hopes for this project will have been met. Haha...fingers crossed.

It certainly calls for a Stern-like masterpiece. Being in the historic district, Landmarks will likely weigh in on the design. They enthusiasticly approved a 1,400 addition to the Steinway Building, and did a similar thing with the landmarked Dime Bank building in Brooklyn for the Brooklyn Tower. Both are beautiful designs from SHoP Architects. The developer here is promising the “sexiest” condo tower the City has ever seen. We shall see.