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Naftali Files Plans for 69-unit Residential Development in Kips Bay

Naftali Files Plans for 69-unit Residential Development in Kips Bay
Traded Media
by Traded MediaShare

The Naftali Group, renowned for upscale condominium developments, has disclosed intentions for a new project in Kips Bay. The proposed 19-story residential tower, situated at 301 Third Ave., will comprise 69 units and encompass approximately 111,000 square feet. Additionally, the ground floor will feature retail space.

Project Details and Ground Lease Acquisition

Naftali's recent filing with the Department of Buildings sheds light on the specifics of the forthcoming development. The company, having secured a 99-year ground lease from Snake River Development for $21.5 million, remains tight-lipped about project inquiries. Notably, demolition permits for the existing structure were filed in mid-February, indicating progress towards the new development.

Speculation on Housing Type

While Naftali's plans for the Kips Bay site initially remained undisclosed, their history suggests a likelihood of luxury condominiums. Past projects in Manhattan, such as the Seymour in Chelsea and the Bellemont on the Upper East Side, suggest a penchant for high-end condominiums. However, the exact housing type for this project remains uncertain.

Ongoing Projects and Legal Matters

In addition to the Kips Bay endeavor, Naftali is actively engaged in other significant residential ventures, including a large-scale project in Williamsburg. Meanwhile, the company recently resolved a prolonged legal dispute over a condo development on the Upper West Side, showcasing its diverse portfolio and ongoing commitments across various neighborhoods in Manhattan.

Published: February 27, 2024

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