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Naftali Group pays $167M for UES development site

Allows for more than 250,000 buildable square feet

1461-1469 Third Avenue (Credit: Google Maps)

Naftali Group has entered into contract to acquire 1461-1469 Third Avenue from Muss Development and Michael Aryeh for $167 million, TRD reported. The Upper East Side development site offers more than 250,000 buildable square feet, and is located between East 82nd and East 83rd Streets.

Plans: Miki Naftali’s firm is planning to build a residential condo tower with a retail component on the ground floor. Parcels in the deal include 1461-1469 Third Avenue and 204 East 83rd Street. Additional air rights from 1453-1455 and 1459 Third Avenue are also included. 

Be Smart: The developer has already filed plans for a project a few blocks away at 1045 Madison Avenue between East 79th and East 80th Streets. Naftali also recently signed a contract to acquire a massive waterfront site at 470 Kent Avenue in Williamsburg for around $182 million.

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