We advised Naftali on its joint venture acquisition of the property

Davis Polk advised affiliates of the Naftali Group on the formation of a joint venture with an affiliate of Starwood Capital Group and advised the joint venture in connection with its acquisition of two properties and adjoining air rights from affiliates of Sky Management Corp and the Ohebshalom family for a purchase price of $72.6 million. The properties will be developed into a mixed use commercial and luxury residential condominium project at 251 East 77th Street in New York City.

The Naftali Group is a New York-based real estate development company, which has been one of New York’s most active real estate developers of residential, commercial, institutional, mixed-use and retail properties, and owns, develops and operates a number of residential buildings throughout New York City.

Starwood Capital Group is one of the world’s leading private real estate investment firms. They have invested in more than 30 countries and have won numerous industry awards.

The Davis Polk real estate team included partner Michael J. Rishty and associates Nicholas Soilleux and Shua Mermelstein. Partner Po Sit and associates Liang Zhang, Daniel L. Jose and Benjamin Helfgott provided tax advice. All members of the Davis Polk team are based in the New York office.