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 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.Â
Last year, Extell Development bought an office property on Madison Avenue, with plans to replace it with luxury housing and retail.Â
The post Upper East Side Resi Tower Goes Under Contract for $800M-Plus appeared first on Connect CRE.
​Â
