In its first new project after an acquisitions lull, Miki Naftali’s Naftali Group has filed plans for an 18-story condominium building along Madison Avenue on the Upper East Side.
The 16-unit project, located at 1045 Madison Avenue, will span 63,025 square feet overall and stand 210 feet tall, according to New York YIMBY. The condos will average roughly 3,700 square feet each, and there will be 3,993 square feet of commercial space on the ground floor. Peter Pennoyer is serving as the architect.
In a statement provided to The Real Deal, Naftali said the project is “the first new development in more than two decades in the best area of Madison Avenue.”
Naftali has so far bought three of the four buildings for its Upper East Side assemblage, purchasing 1041 Madison Avenue in September for $21.1 million, 1045 Madison Avenue in October for $22.8 million and 1039 Madison Avenue in February for about $26 million. The firm has not yet closed on 1043 Madison Avenue, which houses a Davide Cenci store.
The company is also working on an assemblage play at the southeastern corner of East 83rd Street and Third Avenue. [NY YIMBY] – Eddie Small