Press

Construction is nearing completion at 255 East 77th Street, a 36-story residential skyscraper in the Lenox Hill section of Manhattan’s Upper East Side. Designed by Robert A. M. Stern Architects and developed by Naftali Group, the 500-foot-tall structure will span 170,481 square feet and yield 62 condominium units in two- to five-bedrooms layouts. The project will also include 1,650 square feet of retail space, one cellar level, and 22 enclosed parking spaces. Hill West Architects is the architect of record for the property, which is alternately addressed as 1481 Second Avenue and located at the corner of Second Avenue and East 77th Street.

Nearly all of the warm limestone cladding has been installed since our last update in early July, when the multifaceted crown was beginning to be enclosed. The tower crane was also disassembled from the broad eastern elevation and more of the floor-to-ceiling windows were installed across all sides of the reinforced concrete superstructure. The hoist on the rear western side remains in place.

Naftali Group purchased the corner property for $73 million in 2021 and received $236 million in construction financing in the form of JPMorgan Chase’s $195 million senior loan and Starwood’s $41 million in mezzanine debt. Sales launched in September 2024 and the developer is projecting a sellout of $500 million. Compass Development Marketing Group is handling sales for the units.

Amenities at 255 East 77th Street will include a full-time doorman, concierge service, an outdoor garden, cold storage, a bike storage room, shared laundry room, and a fitness center and health club with a yoga studio, indoor swimming pool, sauna, and steam room. There will also be a package room, lounge, game room, pet spa, children’s playroom, and screening room. On-site parking and private storage space will be available for purchase...