Miki Naftali has settled on a design for the redevelopment of 800 Fifth Avenue, Commercial Observer has learned.<\/p>\n
Naftali plans to replace the East 61st Street building from 1978, which the company purchased for $810 million in August<\/a>, with a limestone-clad, classical luxury condominium structure more in line with the surrounding historic district, according to the developers.<\/p>\n SEE ALSO: Slate Property Group and Pi Capital Partners Bringing New Rental to Midtown<\/a><\/p>\n \u201cFifth Avenue deserves architecture that matches its timeless character,\u201d Naftali said in a statement. \u201cPartnering again with [Robert A.M. Stern Architects<\/a>] allows us to create a building that reflects the elegance and permanence of this avenue while meeting the expectations of modern living. We look forward to continuing through the Landmarks and Community Board process to ensure the final design strengthens both the neighborhood and the Fifth Avenue tradition.\u201d<\/p>\n With the Upper East Side Historic District having been designated in 1981, three years after the current building\u2019s construction, Naftali and the architect will need to make their case to Manhattan Community Board 8\u2019s landmarks committee for approval. The plan also will likely go through the Landmarks Preservation Commission before the redevelopment can take place.\u00a0<\/p>\n Presentation materials for the building\u2019s design are now online<\/a>.<\/p>\n \u201c800 Fifth Avenue is an extraordinary site, facing Central Park on one of New York\u2019s most architecturally significant corridors,\u201d Paul Whalen, partner at Robert A.M. Stern Architects (RAMSA), said in a statement. \u201cWe\u2019re honored to collaborate again on a design that reintroduces the depth, texture and material character of the city\u2019s great residential buildings. Our goal is to create a finely proportioned, enduring work of architecture that is rooted in tradition yet clearly of its time, contributing meaningfully to this celebrated streetscape.\u201d<\/p>\n Naftali financed the purchase of the 208-unit structure with $675 million in balance sheet financing from J.P. Morgan and Golden Tree. Naftali had been in talks with the seller, former New York Gov. Eliot Spitzer\u2019s Spitzer Enterprises and Winter Properties, since March<\/a>.<\/p>\n It was marketed just months prior as having a $1 billion valuation, CO previously reported.<\/p>\n