The Naftali Group has acquired five buildings to create a footprint in Chelsea on the north side of West 25th Street between Seventh and Eighth Avenues for a 12-story, 61-unit condominium project.
The developer purchased 245-259 West 25th St. in late 2012 and has now added an assemblage 261-267 West 25th St. for a total cost of $20.1 million.
Naftali Group is in the design phase for a project that calls for the demolition of the existing structure to develop the property into a luxury condominium building containing 108,393 square feet.
"We anticipate that there will be strong condo demand from buyers seeking a downtown feel in a central location," said CEO and Chairman Miki Naftali.
Once complete, the project will include units ranging from one to three bedrooms. The building will include a 24-hour doorman/concierge, storage units, fitness center, bike storage, and rooftop terrace and lounge.
Naftali just last month announced the acquisitions of development sites on the Upper West Side at 206-210 West 77th Street and in Gramercy at 234-238 East 23rd Street, to be developed as luxury condominiums.