The attendees of last week’s Landmarks West forum on Upper West Side development will be disappointed to learn that a new, 18-story ultra-luxury building is set to rise in their midst: the Naftali Group has acquired the Hertz garage at 206-210 West 77th Street from the Jewish Board of Family and Children’s Services, with the intention of building just shy of 100,000 square feet of condominiums.
Potential buyers, on the other hand, are so excited that they’ve been calling Naftali since before the land sale even closed.
The Naftali Group paid well over what observers were predicting for the site—in May Bob Knakal, who brokered the sale, told Crain’s that he expected the site to fetch “as much as $45 million.” But the price hit a staggering $55.5 million. Mr. Knakal told us that he was surprised at the closing price, which he attributed to the incredibly tight market for land on the Upper West Side. Read More