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Eighteen Stories High on Madison Avenue

Real Estate Developments

Plans for a new development on Madison Avenue between 79th and 80th Street have been proposed by the Naftali Group, which will be designed by Peter Pennoyer Architects. Naftali Group is a local real estate development and investment firm whose portfolio includes a number of luxury residential buildings, New York’s Plaza Hotel and The Carlyle in Los Angeles. Peter Pennoyer Architects is an award-winning firm also based in New York, which has successfully designed a number of high-end apartments and townhouses, particularly along Fifth Avenue.

The Naftali Group purchased four neighboring buildings between 1039 and 1045 Madison Avenue, adding up to 59,032 square feet, and costing over twenty-million dollars each. The proposal is for an eighteen-story apartment building featuring sixteen residential units that will be around 3,700 square foot per unit. Most of the units will take up the entire floor. On the ground level, the developers plan to provide 3,993 square feet for commercial retail space. The building will feature amenities such as a roof terrace, gym and game room.[1]

The CEO of Naftali Group, Miki Naftali, said in a statement that the company is “proud to be collaborating with Peter Pennoyer Architects on this once-in-a-lifetime project, which is the first new development in more than two decades in the best area of Madison Ave”. [2] The renovation of the four adjacent buildings will take a considerable amount of work to transform into the eighteen-story luxury apartment building. According to YIMBY, Naftali Group has not yet applied for demolition permits, so it may be a while before the sixteen units are on the market on the Upper East Side.

[1] Fedak, N. (May 11, 2018) “The Naftali Group Files For Peter Pennoyer-Designed Condos At 1045 Madison Avenue On The Upper East Side.” YIMBY. Available at: Accessed on May 15, 2018.

[2] Plitter, A. (May 11, 2018) “Peter Pennoyer will design an 18-story condo on Madison Avenue.” Curbed New York. Available at: Accessed on May 16, 2018.

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