Naftali Group Acquires Large Block of Buildings in Chelsea for $20.1M

The Naftali Group has acquired five contiguous buildings in the Chelsea submarket, located at 261-267 West 25th St., for a total cost of $20.1 million. The company plans to demolish the entire existing structures to develop a 12-story luxury residential condominium containing 108,393 square feet.

New York—The Naftali Group has acquired five contiguous buildings in the Chelsea submarket, located at 261-267 West 25th St., for a total cost of $20.1 million.

The company already owned 245-259 West 25th St. from a deal in 2012, so it now controls more than 250 feet of frontage on the north side of West 25th between Seventh and Eight Avenues. The Naftali Group plans to demolish the entire existing structures to develop a 12-story luxury residential condominium containing 108,393 square feet.

“I’ve developed many condominiums in the Chelsea submarket, but with its tree lined street, West 25th St., happens to be one of loveliest blocks in the neighborhood,” Miki Naftali, Naftali Group’s CEO and chairman, says. “We anticipate that there will be strong condo demand from buyers seeking a downtown feel in a central location.”

The condo development is expected to include 61 units containing one  to three bedrooms, with planned amenities including a 24-hour doorman/concierge, storage units, fitness center, bike storage and a rooftop terrace/lounge.

Last month, the Naftali Group acquired prime development sites on the Upper West Side at 206-210 West 77th St. and in Gramercy at 234-238 East 23rd St., also to be developed as luxury condominiums.

The Naftali Group was founded in 2011 and now owns and operates residential properties in New York City and is in various stages of development of over 800,000 square feet.