Naftali Group has signed a contract to purchase a luxury apartment property in Upper East Side of Manhattan for more than $800 million, according to a report from Bloomberg.
Brokers Doug Harmon and Adam Spies of Newmark served as the advisors of the sale, the news outlet said.
The property, known as 800 Fifth Avenue, stands 33 stories and offers apartments that span from one-through-four bedrooms. Currently, StreetEasy has two listings available, with rents ranging from $16,500 to $23,000. Also, the apartment building overlooks Central Park and is nearby Madison Avenue and to shopping on Fifth Avenue.
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The purchase adds to Naftali's Upper East Side residential portfolio, which also includes The Benson, The Bellemont, 255 East 77th, and 200 E 83rd properties.
In 2024, multifamily in New York City increased by 14 percent in terms of dollar volume to reach $8.91 billion, according to a report from Ariel Property Advisors. In the city, Manhattan below 96th street saw the second largest dollar volume at $3.44 billion, an increase of 11 percent from the previous year. Brooklyn ranked first with its 59 percent surge to $3.48 billion.
While Manhattan is an expensive market for renters, nearby commuter submarkets have been seeing an explosion in multifamily completions. A new RealPage analysis revealed that Brooklyn added 39,890 units for 7.9 percent inventory growth, Jersey City added 27,813 units for 52.2 percent, and Queens saw 22,960 units for 8.8 percent growth.
In addition to NYC, Naftali owns properties in Miami and in other major metros areas in the U.S. Its total development value exceeds $15 billion.
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