|
Getting your Trinity Audio player ready...
|
Naftali Group Redefines Luxury Living with Iconic 255 East 77th Street and Transformative Developments Across NYC
Edited by: TJVNews.com/Naftali Group Images
The Naftali Group, a distinguished real estate development and investment firm, continues to make significant strides in New York City’s architectural landscape. Their latest venture, 255 East 77th Street, exemplifies their commitment to excellence and innovation in urban development.
Situated at the corner of Second Avenue and East 77th Street in Manhattan’s Upper East Side, 255 East 77th Street is a 500-foot-tall residential skyscraper. Designed by the esteemed Robert A.M. Stern Architects, with Hill West Architects serving as the architect of record, this 36-story structure is set to become a prominent feature of the Lenox Hill neighborhood, according to a recently published report on the New York Yimby website. The building will encompass 170,481 square feet, offering 62 condominium units ranging from two to five bedrooms, alongside 3,861 square feet of retail space, two cellar levels, and 33 enclosed parking spaces.
Construction has progressed steadily, with the reinforced concrete superstructure reaching approximately one-third of its final height. The façade installation, featuring limestone and floor-to-ceiling windows, is advancing swiftly, already enclosing much of the podium and ascending the main eastern elevation. The report on the New York Yimby explained that the building’s design includes multi-story arches housing indoor amenities such as a swimming pool, mirroring the programming of Naftali Group’s nearby project at 200 East 83rd Street. Completion is anticipated for fall 2026.
Established in 2011, Naftali Group has developed a portfolio of over 40 residential, commercial, hospitality, and mixed-use projects, totaling more than $15 billion in value and approximately 31 million square feet. Their approach involves collaboration with leading figures in architecture, design, engineering, and hospitality to create unique developments that resonate with the character of their locations.
Beyond 255 East 77th Street, Naftali Group has been instrumental in several significant developments. The luxury condominium building at 200 East 83rd Street on the Upper East Side achieved remarkable success, leading new development sales in 2021 with 58 contracts totaling $422.6 million.
Under the leadership of Chairman and CEO Miki Naftali, the iconic Plaza Hotel underwent a $450 million restoration, transforming it into a mixed-use property with a five-star hotel, private residences, and renowned retail spaces.
Unveiled in May 2024 by the Naftali Group, the Williamsburg Wharf, an ambitious $600 million “urban resort” in Brooklyn’s Williamsburg neighborhood encompasses five towers and 1 million square feet, offering 850 residential units designed to provide a resort-like experience within the city.
Marking Naftali Group’s expansion into South Florida, JEM Private Residences are a 67-story condominium at Miami Worldcenter. It broke ground in April 2024. Designed by Arquitectonica with interiors by Rockwell Group, it features 259 condo units and 530 multi-family units, setting a new standard for luxury living in Miami.
Naftali Group’s projects have attracted substantial financial support, reflecting confidence in their developments. For instance, 255 East 77th Street secured a $140 million construction loan from JPMorgan Chase in December 2024, supplementing a previous $236 million financing package from JPMorgan and Starwood Capital.
The group’s developments have also spurred market activity. In October 2024, the launch of 255 East 77th Street and The Henry at 211 West 84th Street contributed to a surge in new development contract signings, marking the highest monthly total since May 2023.
Miki Naftali, the Chairman and CEO, brings over 35 years of experience in the global real estate industry. His leadership has been pivotal in acquiring, developing, and managing assets across North America, Asia, Europe, and the Middle East. Under his guidance, Naftali Group has become one of the most active and successful developers in New York City, known for projects that often sell out before construction is complete.
Naftali Group’s dedication to architectural excellence and innovative urban development continues to shape New York City’s skyline and beyond. Through projects such as 255 East 77th Street and others, they demonstrate a commitment to creating spaces that blend luxury, functionality, and aesthetic appeal, reinforcing their status as leaders in the real estate arena.
