The Naftali Group, with partner The Praedium Group, bought the five-story buildings at 176-182 W. 82nd St. between Columbus and Amsterdam avenues, Crain’s reported. Nineteen of the twenty apartments are vacant.
“We are excited to invest in this prime, well-located site to develop bespoke private residences in the Upper West Side,” Naftali Group CEO Miki Naftali told Crain’s.“There are not too many development opportunities that remain from 72nd to 86th Street on the West Side.”
Since the buildings, located a block from Central Park, are in a historic district, the developer must get approval from the city Landmark Preservation Commission before renovation. Construction is slated to begin by early 2013, and sales will launch in early 2014. The number of condo units have yet to be determined, but the apartments will be family-sized to accommodate demand in the Upper West Side for more space. Architecture firm ODA will design the project, according to The Real Deal.
The Naftali Group, along with AEW Capital Management, bought a 90,000-square-foot-site in Boerum Hill for $6.7 million and plans to develop a new 85-unit upcsale rental on the lot. The Upper West Side project will be the company’s first condo development in New York City.