Following its acquisition of five contiguous buildings on West 25th Street, The Naftali Group now owns 250 feet of frontage on the Chelsea corridor between Seventh and Eighth Avenues.
The developer and operator spent $20.1 million for the assemblage of 261-267 West 25th Street, adding to the holdings at 245-259 West 25th Street it bought late last year. Naftali has plans for a 108,393-square-foot, 12-story luxury condo following the demolition of the current site.
“I’ve developed many condominiums in the Chelsea submarket, but with its tree lined street, West 25th Street happens to be one of loveliest blocks in the neighborhood,” Chairman and Chief Executive Miki Naftali said in a prepared statement. “We anticipate that there will be strong condo demand from buyers seeking a downtown feel in a central location.”
In the past month, Naftali Group has announced luxe condo development projects at 206-210 West 77th Street and 234-238 East 23rd Street. The Chelsea project is currently in the design phase and is expected to include 61 units upon completion.