“Don’t spend all your money in one place, ” many of us hear our mothers or fathers telling us, but real estate developer Miki Naftali did that in Chelsea, it paid off, and now he’s doing it again in Manhattan, as reported by the Daily News. An ardent devotee to the first law of real estate, “Location, location, location, ” Naftali likes to buy not one property in a great locations, but purchases them in twos.
Naftali has two luxury condo projects on 77th street between Broadway and Amsterdam and two on W. 25th between 7th and 8th Avenues. “It’s very rare to have the opportunity to make a significant impact on a single block. It’s exciting for us to influence the look and feel of the neighborhood.”
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There are those who warn Naftali about an impending housing bubble, and some veteran real estate investors think having two investments on one block is not a good idea, because it doubles the risk. Naftali, however, believes in the strategy. And so does Andy Gerringer of The Marketing Directors, “It’s smart to double up as long as you are paying the right price for the land.”
After a bidding war, Naftali paid $55 million for 210 77th street, an 18 story 25 unit tower with 3 bedroom apartments going for$4.85 million and $21 million for a duplex penthouse. He paid $61 million for the place across the way at 209 77th street.
