Naftali Closes $810M Manhattan Buy
Newmark arranged the acquisition financing.
Naftali Group has completed the acquisition of 800 Fifth Ave., a 208-unit luxury community in Manhattan, Bloomberg first reported. The company agreed to purchase the asset from Spitzer Enterprises and Winter Properties for $810 million in March.
JP Morgan and GoldenTree Asset Management issued a $675 million acquisition loan. Newmark negotiated the sale and arranged the financing.
Spitzer and Winter had marketed the 33-story tower as a development opportunity when the asset first hit the market at a valuation of nearly $1 billion. Now, Naftali plans to demolish the building and replace it with a condominium property, according to Commercial Observer.
Neighboring Central Park, the 1979-completed property features studio and one- to six-bedroom floorplans ranging between 580 and 1,954 square feet, as well as some 35,000 square feet of office space and 3,000 square feet of retail. Taking into account its current size and condo redevelopment plans, the sale price would translate to about $3,000 per buildable square foot, the same source shows.
READ ALSO: Manhattan Has an Undersupply of Ultra-Luxury Condos, Says NYC Broker
Newmark Co-President Jordan Roeschlaub and Vice Chairman Nick Scribani brokered the debt placement, while Co-Heads Adam Spies and Doug Harmon negotiated the sale transaction.
Manhattan condo sales go up
Manhattan condo sales totaled 3,042 transactions in the second quarter of this year, marking a 16.6 percent year-over-year increase, according to a report by Douglas Elliman. The properties changed hands for $1,650 per square foot on average, down 1.3 percent compared to the same period of 2024.
Naftali isn’t the only developer looking to take on Manhattan condominium projects. Last month, Broad Street Development and TPG Angelo Gordon paid $43.5 million for a 10-story, 56,384-square-foot self-storage asset in the borough’s Tribeca neighborhood, with plans for similar adaptive reuse.
