Naftali Group files plans for a 62K sf residential building in the Upper East Side

Miki Naftali’s Naftali Group, on May 8, filed a permit application for construction of a 12-unit, 62,668-square-foot residential building at 1165 Madison Avenue in the Upper East Side.

The plans call for the construction of a 210-foot tall, 13-story residential building.

The project is described in the filings as: NB application filed herewith for new 13-story building. Structural filing in dob now: m00346356; mechanical filing in dob now: m003464399; plumbing filing in dob now: m00346406

Plans show that the cellar of the proposed building will have office space as well has residential and commercial storage. The commercial storage is for the retail space which will be on the ground floor, along with a lobby. The second floor will have two dwelling units. Floors three and four will have one dwelling unit each as well as the lower and upper half of a duplex respectively. Floors five through nine will have one dwelling unit each. Floors 10 and 11 will be a duplex and 12 and 13 will also be a duplex. The roof will have a terrace.

SLCE Architects is the architect on file.

In December of 2019 Naftali Group signed a loan agreement with lender CIT Bank valued at $41.6 million. The loan was used to help finance the purchase of 1165 Madison Avenue (also called 48 East 86th Street) and 50 East 86th Street from Vornado Realty Trust for $71.0 million. The deal closed on December 11, 2019, and was recorded on December 13, 2019. The transaction consisted of 2 parcels, including the tax class multifamily, miscellaneous (D9) and containing 8 residential units.

Direct link to Acris document.LINK

Direct link to DOB document.LINK