Two monumental transactions last week, both facilitated by the same powerhouse Newmark team, last week electrified the city’s investment-sale markets. But insiders said Miki Naftali’s $810 million purchase of rental apartment tower 800 Fifth Ave. was more impactful for the luxury residential market than the $1.08 billion deal for 590 Madison Ave. was for the commercial one.
“That is record pricing for a building of its size — 33 stories,” an industry source said of 800 Fifth Ave. “And it’s also perhaps the best Manhattan location for a super high-end condo development. Really, can you beat Fifth Avenue and East 61st Street?”
Naftali plans to demolish the building for a sexy new condo tower. “We’re thrilled that after fifty years as the best rental building in the city, 800 Fifth will be