Naftali and RAMSA Release Plans for 800 Fifth Avenue Redevelopment

Miki Naftali has settled on a design for the redevelopment of 800 Fifth Avenue, Commercial Observer has learned.

Naftali plans to replace the East 61st Street building from 1978, which the company purchased for $810 million in August, with a limestone-clad, classical luxury condominium structure more in line with the surrounding historic district, according to the developers.

“Fifth Avenue deserves architecture that matches its timeless character,” Naftali said in a statement. “Partnering again with [Robert A.M. Stern Architects] allows us to create a building that reflects the elegance and permanence of this avenue while meeting the expectations of modern living. We look forward to continuing through the Landmarks and Community Board process to ensure the final design strengthens both the neighborhood and the Fifth Avenue tradition.”

With the Upper East Side Historic District having been designated in 1981, three years after the current building’s construction, Naftali and the architect will need to make their case to Manhattan Community Board 8’s landmarks committee for approval. The plan also will likely go through the Landmarks Preservation Commission before the redevelopment can take place. 

Presentation materials for the building’s design are now online.

“800 Fifth Avenue is an extraordinary site, facing Central Park on one of New York’s most architecturally significant corridors,” Paul Whalen, partner at Robert A.M. Stern Architects (RAMSA), said in a statement. “We’re honored to collaborate again on a design that reintroduces the depth, texture and material character of the city’s great residential buildings. Our goal is to create a finely proportioned, enduring work of architecture that is rooted in tradition yet clearly of its time, contributing meaningfully to this celebrated streetscape.”

Naftali financed the purchase of the 208-unit structure with $675 million in balance sheet financing from J.P. Morgan and Golden Tree. Naftali had been in talks with the seller, former New York Gov. Eliot Spitzer’s Spitzer Enterprises and Winter Properties, since March.

It was marketed just months prior as having a $1 billion valuation, CO previously reported.

Mark Hallum can be reached at mhallum@commercialobserver.com.