Naftali to Buy Manhattan Tower for More Than $800 Million
By Natalie Wong
March 24, 2025
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Naftali Group, a real estate developer with footholds in New York and Miami, struck a deal to buy a luxury apartment building on Manhattan’s Fifth Avenue for more than $800 million, according to a person familiar with the matter.
Naftali Group entered a contract to purchase 800 Fifth Ave. from Spitzer Enterprises, the real estate firm run by former New York Governor Eliot Spitzer, and Winter Organization, said the person, who asked not to be identified citing private information.
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Strong demand for housing in the city is boosting investor appetite for residential properties. Last year, Extell Development bought an office property on Madison Avenue, with plans to replace it with luxury housing and retail.
Naftali Group is a major developer in both New York and Florida. The firm developed a handful of residential buildings on the Upper East Side, including condo towers such as the Benson and the Bellemont.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Naftali Agrees to Buy 800 Fifth Avenue Apartment Tower for More Than $800M
BY ISABELLE DURSO
MARCH 24, 2025
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The roughly 355,000-square-foot tower overlooking Central Park is currently being used for rentals, with available apartments ranging from $16,500 per month for a two-bedroom and $23,000 per month for a three-bedroom, according to StreetEasy.
While Naftali’s exact plans for the building are unclear, the property was marketed as a “major development opportunity” for investors to turn into for-sale residences, Bloomberg reported.
And Naftali is no stranger to luxury residential developments on the Upper East Side, as it owns both the Benson and Bellemont condo towers, according to its website. Across the river, Naftali is also in the process of building a five-building complex in Williamsburg, Brooklyn, called Williamsburg Wharf, which would have 850 apartments and condos.
The news of the potential sale of 800 Fifth comes amid strong demand for residential properties on the Upper East Side.
In October, Gary Barnett’s Extell Development bought the 24-story office tower at 655 Madison Avenue with plans to turn it into luxury housing, and high-end fashion brand Chanel might be buying the retail portion of the building for roughly $450 million, as Commercial Observer reported last week.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Spitzer and Winter started marketing the luxury apartment building two months ago. Sources at the time said the property could be worth as much as $1 billion since it was being marketed as a development opportunity for a high-end condo building.
There’s no word on what Naftali has planned for the site, but considering his history with high-end condo projects in the Upper East Side, the site seems predestined to be converted.
Extell and Related will have an advantage here, since their plans are already afoot…
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I feel like the smart, albeit boring decision here would be to essentially just copy paste 220 CPS
That would fit in nicely with 520. Whatever the case, no glass condos.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
This week, Eliot Spitzer agreed to sell a large Upper East Side rental building to Miki Naftali for over $800 million. The 208-unit property was previously marketed as a potential high-end condo development opportunity.
Naftali is known for condo projects and may convert the rental building into condos, given his development history in the area. A firm plan for the property at 800 Fifth Avenue has yet to emerge, though, as the deal has also yet to close.
Naftali can’t have buyer’s remorse yet. The same can’t be said for the buyer of an $80 million penthouse at 520 Park Avenue, who is suing the Zeckendorf developers for fraud, alleging they failed to disclose a planned skyscraper by Extell Development that would obstruct the penthouse’s Central Park view.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I was walking by The Plaza the other day and looked toward this forgettable building in a hyper-prime spot. I thought about how spectacular a 1,000’+ Stern would be on this site.
Between this, 625 Madison, 655 Madison, and 1 E 57th, these few blocks have the potential to redefine the word “iconic.”
Based upon this article, I assume that the tower won’t be much taller than the Sherry Netherland or The Pierre, but I suspect that it will be ineffably spectacular!
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He plans to tear down the existing building and replace it with a new tower, according to a source familiar with the project. Naftali’s new development consultants at Compass had calculated that he could sell condo units in a new building on the site for $11,000 per square foot, The Promote previously reported.
This piece of junk can’t come down fast enough.
Homes.com
Midtown showing strength with sale of apartment building, office tower
Story by Steve Cuozzo
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“That is record pricing for a building of its size — 33 stories,” an industry source said of 800 Fifth Ave. “And it’s also perhaps the best Manhattan location for a super high-end condo development. Really, can you beat Fifth Avenue and East 61st Street?”
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.
"Mr. [Naftali]: Tear down this wall [of garbage]!"
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