Google Maps
Free Upper East Side News, Delivered To Your Inbox
A new chapter is taking shape for one of Fifth Avenue’s most sought-after blocks. Developer Miki Naftali has released a first look at a planned redevelopment of 800 Fifth Avenue—a transformation that would replace the existing 1978 tower at East 61st Street with a limestone-clad condo designed by Robert A.M. Stern Architects (RAMSA).
Advertisement
The current 32-story rental building, which Naftali Group purchased in August for $810 million, would be partially demolished to make way for a classical structure intended to align more closely with the architectural character of Fifth Avenue’s historic corridor. Early design materials, now available online, show a façade marked by traditional detailing and the finely scaled proportions typical of RAMSA’s residential work.
In a statement to Commercial Observer, which first reported the news, Naftali said that Fifth Avenue “deserves architecture that matches its timeless character,” noting that the collaboration with RAMSA aims to merge traditional elegance with modern expectations for high-end living.
ALSO READ: Demolition to Begin on First Avenue, Making Way for 23-Story Building
Advertisement
The proposal will require a full public review. Because the Upper East Side Historic District was designated in 1981—three years after the existing tower was constructed—the redevelopment must be presented to Community Board 8’s Landmarks Committee and will ultimately need approval from the Landmarks Preservation Commission. (It’s on CB8’s calendar for November 17.)RAMSA partner Paul Whalen said the site’s Central Park frontage called for a design that both honors the city’s great prewar buildings and embraces contemporary construction standards. He described the concept as “a finely proportioned, enduring work of architecture that is rooted in tradition yet clearly of its time.”
The purchase of the 208-unit tower was supported by $675 million in financing from J.P. Morgan and GoldenTree. Naftali had been in talks with the sellers—Spitzer Enterprises, led by former governor Eliot Spitzer, and Winter Properties—since March. Earlier marketing materials had pegged the property’s valuation near $1 billion, according to Commercial Observer.
If approved, the project would mark one of the most significant new residential developments on Fifth Avenue.
Have a news tip? Send it to us here!
