Naftali Group, a real estate developer with footholds in New York and Miami, struck a deal to buy a luxury apartment building on Manhattan’s Fifth Avenue for more than $800 million, according to a person familiar with the matter.
Naftali Group entered a contract to purchase 800 Fifth Ave. from Spitzer Enterprises, the real estate firm run by former New York Gov. Eliot Spitzer, and Winter Organization, said the person, who asked not to be identified citing private information.
A Newmark Group team led by brokers Doug Harmon and Adam Spies advised on the sale. A spokesperson for Newmark had no immediate comment.
Representatives for Winter and Spitzer declined to comment, while a spokesperson for Naftali didn’t immediately respond to messages seeking comment.
The rental tower overlooks Central Park and has its own landscaped tranquility garden and courtyard. A two-bedroom apartment at the tower that’s currently listed on StreetEasy has an asking rent of $16,500 a month.
Manhattan rents set a record in February, stoked by intense competition. Almost 27% of last month’s new leases were signed after bidding wars, a record share, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman.
Strong demand for housing in the city is boosting investor appetite for residential properties. Last year, Extell Development bought an office property on Madison Avenue, with plans to replace it with luxury housing and retail.
Naftali Group is a major developer in both New York and Florida. The firm developed a handful of residential buildings on the Upper East Side, including condo towers such as the Benson and the Bellemont.
The Winter and Spitzer families have sold off other major properties in recent years. In 2015, they struck a deal to sell 730 Fifth Ave., known as the Crown Building. Harmon and Spies, who were at Eastdil Secured at the time, advised on that sale.
