Key facts
- Naftali Group has agreed to purchase the 800 Fifth Avenue apartment building for over $800 million.
- The seller is Eliot Spitzer's Spitzer Enterprises and the Winter Organization.
- The developer secured a $675 million loan from JPMorgan to finance the acquisition.
- Naftali Group intends to demolish the existing 33-story building and construct a new tower on the site.
- The building contains 208 rental units.
Naftali Group has entered into a contract to purchase the 33-story luxury apartment building at 800 Fifth Avenue in New York City for more than $800 million. The seller is Spitzer Enterprises, led by former New York Governor Eliot Spitzer, and the Winter Organization.
Sources indicate that Naftali Group secured a $675 million loan from JPMorgan to facilitate the acquisition. The developer, led by Miki Naftali, plans to demolish the existing 208-unit building and replace it with a new tower. Consultants have calculated that condo units in the proposed new building could command prices of $11,000 per square foot.
The sale was negotiated by a Newmark team including Adam Spies and Doug Harmon, while Jordan Roeschlaub and Nick Scribani arranged the debt financing. Naftali's partners on the deal include high-net-worth families from Mexico, Japan, and Israel.