Naftali Group permitted for 12-unit UES boutique condo

Miki Naftali’s Naftali Group, on March 3, was given a permit for construction of a 12-unit, 62,688-square-foot residential building at 1165 Madison Avenue in the Upper East Side. Michael Witek filed the plans.

According to reports, the building will be a boutique condo. Naftali filed a “test the market” condo plan with the New York State Attorney General in November 2020.

The DOB permits were foundation and new building permits.

The plans, pre-filed on May 8, 2020, call for the construction of a 210-foot tall, 13-story residential building.

PincusCo broke news of the filing back in May of 2020, which will have commercial space and a lobby located at the ground floor level. 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 unit and 12 and 13 will also be a duplex unit. The roof will have a terrace. The cellar will have office space as well as residential and commercial storage.

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.

SLCE Architects is the architect on file.

Direct link to Acris document. LINK

Direct link to DOB document. LINK