The Naftali Group has filed permits for a 36-story residential development at the northwest corner of Second Avenue and East 77th Street. The 475-foot tall tower will contain 55 apartments averaging more than 3,000 square feet per residence.
The Naftali Group is well known for its penchant for developing luxury condominiums. The company’s recent success on the Upper East Side followed the same formula – large uber luxury apartments in prime locations. The Bellemont at 1165 Madison Avenue and The Benson at 1045 Madison Avenue and 200 East 83rd Street have all catered to large family homes. The Bellemont is an intimate building with just 12 apartments. Sales have been north of $4,000 psf. The Benson offers 15 units and sold at an average price north of $3,700 psf. 200 East 83rd Street, which contains 86 apartments, currently has 81 units under contract at an average price of $2,834 psf.
The proposed development at 255 East 77th Street will total 170,482 square feet and include residential space and ground-level retail. The residential component will comprise the bulk of the tower at 166,621 square feet. The retail space will cover 3,861 square feet. The average size of an apartment, based on gross numbers, will be about 3,029 square feet, more than twice the size of an average two-bedroom in Manhattan.. The permit reflects 33 enclosed parking spaces.
The total lot area measures 15,908 square feet and offers significant frontage along Second Avenue. The structure will cover about 64% of the lot with a footprint of 4,722 square feet.
Hill West Architects is listed as the architect of record. The Manhattan-based firm is one of the city’s most prolific architectural firms and has collaborated with Naftali on multiple projects, including The Seymour at 261 West 25th Street, The Shephard at 275 West 10th Street, 234 East 23rd Street and 221 West 77th Street,
The parcel was previously occupied by several low-rise mixed-use buildings with ground-floor retail. The Naftali Group purchased the site at 1481-1489 Second Avenue from Sky Management for $72.6 million in 2021. Given the scope of the development, the average price per buildable square foot equates to $426.
The property is within short walking distance to the 4 and 6 trains at 77th Street and Lexington Avenue.