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Naftali Group eyes NYC development site

Naftali Group LLC is looking to buy development lots at 1461-1469 Third Ave. and 204 E. 83rd St. in New York City's Upper East Side for a high-end condominium project, The Real Deal reported.

The site, which covers about 250,000 square feet of gross buildable space, is owned by Muss Development LLC and the Aryeh family, who were most recently seeking $700 to $750 per buildable square foot, equating to an assemblage price of roughly $180 million, the report said, citing unnamed sources. The site comprises six low-rise buildings and its current zoning allows for a 250,000-square-foot residential condo tower with a retail base, the news outlet noted, citing Naftali-branded marketing materials for an equity partner.

According to the report, Naftali has enlisted Mitsubishi Estate Co. Ltd.'s Rockefeller Group as an equity partner in its bid for the site.