Naftali Agrees to Buy 800 Fifth Avenue Apartment Tower for More Than $800M
By Isabelle Durso March 24, 2025 3:02 pm
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Development and investment firm Naftali Group has agreed to buy the 33-story luxury apartment building at 800 Fifth Avenue for more than $800 million.
Naftali has entered a contract to buy the 208-unit property from Spitzer Enterprises — run by former New York Gov. Eliot Spitzer — and Winter Properties, according to a source with knowledge of the deal. Bloomberg first reported the news.
Newmark (NMRK)’s Adam Spies and Doug Harmon brokered the sale. Spitzer and Newmark declined to comment, while spokespeople for Naftali and Winter did not immediately respond to requests for comment.
In January, Spitzer and Winter put the building between East 61st and East 62nd streets up for sale with an expected value of as much as $1 billion, Bloomberg reported.
The roughly 355,000-square-foot tower overlooking Central Park is currently being used for rentals, with available apartments ranging from $16,500 per month for a two-bedroom and $23,000 per month for a three-bedroom, according to StreetEasy.
While Naftali’s exact plans for the building are unclear, the property was marketed as a “major development opportunity” for investors to turn into for-sale residences, Bloomberg reported.
And Naftali is no stranger to luxury residential developments on the Upper East Side, as it owns both the Benson and Bellemont condo towers, according to its website. Across the river, Naftali is also in the process of building a five-building complex in Williamsburg, Brooklyn, called Williamsburg Wharf, which would have 850 apartments and condos.
The news of the potential sale of 800 Fifth comes amid strong demand for residential properties on the Upper East Side.
In October, Gary Barnett’s Extell Development bought the 24-story office tower at 655 Madison Avenue with plans to turn it into luxury housing, and high-end fashion brand Chanel might be buying the retail portion of the building for roughly $450 million, as Commercial Observer reported last week.
Earlier this month, A&E Real Estate acquired Rivers Bend, a 22-story, 179-unit apartment building at 501 East 87th Street, from Soloviev Group for $116.5 million, CO reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
