Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Uptown/Bronx  + Apartments  | 

Upper East Side Resi Tower Goes Under Contract for $800M-Plus

Naftali Group struck a deal to buy a luxury apartment building on Manhattan’s Upper East Side for more than $800 million, Bloomberg News reported. The owner-developer is under contract to purchase 800 Fifth Ave. from Spitzer Enterprises and Winter Organization.

A Newmark team led by Doug Harmon and Adam Spies advised on the sale, reported Bloomberg. The duo, who were with Eastdil Secured at the time, advised the Spitzer and Winter families in the 2015 sale of 730 Fifth Ave.

The pending sale occurs as strong demand for housing in the city is boosting investor appetite for residential properties, especially as rents in Manhattan reached an all-time high last month. Nearly 27% of February’s new leases were signed after bidding wars, a record share, according to Miller Samuel Inc. and Douglas Elliman. 

Last year, Extell Development bought an office property on Madison Avenue, with plans to replace it with luxury housing and retail. 

Read More News Stories About: Newmark
Connect

Inside The Story

Naftali Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action