Naftali Group has secured a $236 million construction loan for 255 East 77th Street, a 36-story residential skyscraper on Manhattan’s Upper East Side. Provided by J.P. Morgan and Starwood Capital, the loan will will help complete the 500-foot-tall structure, which is currently in the excavation phase.
Sales for the building’s 62 condominium units are expected to begin in 2024.
Naftali Group has been notably active in New York City’s real estate scene recently, having successfully sold out three condominium projects since 2020. These include The Benson at 1045 Madison Avenue, 200 East 83rd, and The Bellemont at 1165 Madison Avenue. 255 East 77th Street is part of the next wave of projects from the developer in Manhattan and Brooklyn, including the waterfront development at 470 Kent Avenue, anticipated for phase completion in 2025.
255 East 77th Street is located centrally on the Upper East Side and within steps of the 6 train at the 77th Street station.
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A 36 story building in that tiny space?
the building currently with that address is tiny, but it’s combined with like 3 adjacent lots so it has frontage along 2nd ave, it’s a 13k square foot lot in total
How many steps from 2nd Ave to lex?
How long are your legs?
Prime location that needs construction, I’m thinking of waterfront development in a branch of projects: Thanks.