NEW YORK CITY-Real estate investment firm Naftali Group paid $37 million for a rental apartment building on West 25th Street in the Chelsea section of Manhattan, Crain's New York Business reports.
The six-story building at 245-259 W. 25th St. was traded in an off-market deal. The 75,000-sf property sold for just under $500 per sf. The buyer's ability to fast track the purchase contributed to the discounted purchase price, the newspaper stated.
Naftali Group plans to spend more than $1 million in renovations to the property, including upgrades to the lobby and common corridors. See story in Crain's New York Business.
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