Naftali Opens Luxury Manhattan Condos, Seals Sale of Penthouse Duo

Expanding its presence on the Upper East Side, Naftali Group has opened a new property. The first of several agreed-to sales recently closed.

The first of several residential sales at the newly-built Bellemont recently closed. Image courtesy of Naftali Group/DBOX

Naftali Group has opened its latest luxury community on Manhattan’s Upper East Side and closed its first sale at the property. The developer started construction on its newest building, The Bellemont, in 2021.

Naftali Group had previously secured a $102.7 million construction loan from BHI and Israel Discount Bank of New York in June 2021.

The developer originally opened up sales for The Bellemont in 2021 but sold out the 11 units within five months. The recent closing was of the $67.8 million sale of Penthouses C and D, a transaction that ranks among the most expensive ever recorded above 59th Street on the Upper East Side, according to the firm.

The 13-story boutique condominium property was designed by Robert A.M. Stern Architects and offers half-floor, full-floor, duplex and penthouse units ranging from 2,665 to more than 13,000 square feet. Naftali Group tapped Achille Salvagni to design the community’s interiors. The property offers a fitness center, private cinema with a wet bar, children’s playroom, squash court and rooftop lounge, as well as a 24-hour doorman. The units were built with private entry foyers, limestone fireplaces and private outdoor spaces.

The Bellemont also offers ground-floor retail space. The location, at 1165 Madison Ave., offers residents numerous restaurant and retail options and easy access to the commercial corridors of Madison and Fifth Avenues. Residents are one block away from Central Park and within walking distance of the neighborhood’s major cultural attractions, including the Metropolitan Museum of Art, the Guggenheim and the Frick Collection.

Another sold-out UES community

With The Bellemont set to open to residents, Naftali Group adds another ground-up new development to its Upper East Side portfolio. The developer previously completed The Benson, a 15-unit luxury community located next to The Bellemont on Madison Avenue. Further north in the neighborhood, Naftali Group built 200 East 83rd. Robert A.M. Stern Architects also worked on that property. According to Naftali Group, both of the projects are fully sold out.

Overall, the developer has completed more than 30 projects with a total value of more than $12 billion. Naftali is working on luxury projects that will fill out its Brooklyn portfolio. In November, Naftali and Access Industries landed $385 million in construction financing backing its 561-unit community in Brooklyn’s Williamsburg neighborhood.

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