### Naftali Group to Acquire Luxury Upper East Side Apartment Tower for $800M+
Naftali Group has reached an agreement to purchase a luxury apartment building on Manhattan’s Upper East Side for more than $800 million, according to Bloomberg News. The developer is under contract to acquire 800 Fifth Avenue from Spitzer Enterprises and the Winter Organization.
Newmark, led by Doug Harmon and Adam Spies, advised on the sale. The duo previously assisted the Spitzer and Winter families in the 2015 sale of 730 Fifth Avenue while working with Eastdil Secured.
The transaction comes at a time of heightened demand for residential properties in New York City, driven by record-high rents in Manhattan. In February, nearly 27% of new leases were signed after bidding wars, the highest percentage on record, according to data from Miller Samuel Inc. and Douglas Elliman.
Last year, Extell Development made a similar move by acquiring an office property on Madison Avenue with plans to replace it with luxury housing and retail.
