Miki Naftali took one step closer to realizing his ambitious plans on Fifth Avenue
The developer landed a $675 million loan from JPMorgan to close his purchase of the 33-story 800 Fifth Avenue rental building from Eliot Spitzer and the Winter Organization, sources told The Real Deal.
Naftali agreed to buy the 208-unit building last March for more than $800 million, which works out to about $2,400 per square foot.
He plans to tear down the existing building and replace it with a new tower, according to a source familiar with the project. Naftali’s new development consultants at Compass had calculated that he could sell condo units in a new building on the site for $11,000 per square foot, The Promote previously reported.
Representatives for Naftali and JPMorgan did not immediately respond to requests for comment.
A Newmark team led by Doug Harmon and Adam Spies negotiated the sale of the building, while Newmark’s Jordan Roeschlaub arranged the debt.
Naftali’s partners on the deal are a handful of high-net-worth families from Mexico, Japan and Israel, according to a source familiar with the project.
