Miki Naftali Takes Fifth Avenue

Real Estate attorney Stuart Saft was quoted in a Real Deal article profiling Miki Naftali, a developer who made a splash on the New York real estate scene when he purchased The Plaza Hotel in 2004 for $675 million, at the time a record price per room. More than two decades later, Naftali has set another record with his $810 million purchase of 800 Fifth Avenue, a residential redevelopment site, which amounts to about $2,275 per square foot. He plans to demolish the current structure and build a luxury condo tower in its place, potentially cementing his legacy among local buyers and the broader luxury development community. Mr. Saft, who leads Holland & Knight's New York Real Estate Practice Group, joined other professionals interviewed by The Real Deal in praising Naftali's meticulous approach and level-headed demeanor that distinguishes him from other developers.

"I've worked with him on a dozen projects over 15 and 20 years," Mr. Saft commented. "I've never heard him raise his voice. He has authority, he delegates, but he's not one of these guys when a problem arises he starts screaming at everyone."

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