At the northeast corner of Third Avenue and East 23rd Street, at the meeting of Kips Bay and Gramercy, a new mixed-use condo development has made a modest mark on the Manhattan skyline. Rising from 201 East 23rd Street (aka 301 Third Avenue), the 7,200-square-foot corner lot sits two short blocks northeast of Gramercy Park and three avenues east of Madison Square. 

Here, Naftali Group, led by CEO Miki Naftali, is building a 19-story, 69-unit condominium with ground-floor retail. The mid-rise project will reach 210 feet to the top of its highest occupiable floor, with an additional 50 feet for its rooftop bulkhead. 

Despite being a high-traffic two-way street, the 23rd Street corridor has long been recognized for its real estate potential, helped by its centrality between Midtown and many Downtown neighborhoods. In the early 20th century, the slang phrase “23 skidoo” is said to have originated near the Flatiron Building, where wind gusts from the iron-shaped structure would blow up women's skirts, attracting gawkers and prompting police to shoo them away, saying, “23 skidoo!” The term came to mean leaving quickly or getting out while the getting is good.

Naftali is also contributing to this trend. Just a half-block east of 201 East 23rd Street, the firm developed 234 East 23rd Street, a 20-story, 57-unit condominium at in 2016. Designed by Hill West, the project featured gridded windows, and a brick facade aged to blend seamlessly with the Downtown streetscape. Current resale units at 234 East 23rd Street average just under $2,000 per square foot, reflecting the area’s sustained demand, while also suggesting strong interest in Naftali's upcoming development.

Naftali's track record in luxury real estate began with the El Ad Group, which oversaw the partial condo conversion of the Plaza Hotel. Now an independent company, the team’s latest projects include The Henry on the Upper West Side, 255 East 77th Street, and the fast-selling One Williamsburg Wharf on the Brooklyn waterfront.