211 West 84th Street
This is a luxury residential condo sale on the Upper West Side, a consistently liquid and high-demand submarket in Manhattan, transacting at $2,202 per square foot which is broadly in line with comparable luxury product in the area. The seller, Naftali Group, is a reputable and experienced luxury developer with a strong track record, reducing execution and title risk on the sell side. The buyer, a revocable trust controlled by Steven Matz, presents moderate counterparty risk given the limited institutional real estate track record, though the trust structure and price point suggest genuine high-net-worth capacity. The Traded calculator flags a DSCR of 0.94x and negative cash flow, which is consistent with a trophy residential purchase rather than an income-producing investment, and underwriting as a pure play luxury residential asset rather than a yield-driven deal is more appropriate here. Overall, this is a clean, well-located transaction with credible parties and no distress indicators, though the below-1.0x DSCR limits its appeal as a leveraged investment vehicle.
Deal Stats
Parties
Seller / Landlord
Miki Naftali - Naftali Group
Miki Naftali is the founder and CEO of Naftali Group, a prominent Manhattan-based luxury residential developer with over $3.8 billion in transaction volume across 26 recorded deals. The Naftali Group is well-regarded for delivering high-end condominium projects in prime Manhattan neighborhoods, and this sale reflects a typical disposition of a completed luxury unit from their development pipeline.
Buyer / Tenant
Tiamat Properties Revocable Trust - Steven Matz as Trustee
Steven Matz is a former MLB pitcher known for his time with the New York Mets and other teams, acquiring this luxury condo through a revocable trust structure, which is a standard estate-planning vehicle used by high-net-worth individuals. The trust structure and acquisition price point suggest a sophisticated buyer with significant personal wealth, though his real estate investment track record is limited compared to institutional players.
Score Analysis
Why this score
Seller Credibility
Naftali Group's $3.8B transaction volume and 26-deal track record significantly de-risks the transaction and suggests a well-executed property with strong construction quality.
Prime Location & Liquidity
Upper West Side luxury market is consistently liquid with strong demand, reducing hold time risk and providing multiple exit pathways.
Buyer Track Record
Steven Matz's limited institutional real estate investment experience creates moderate counterparty and execution risk despite his high net worth.
Negative Cash Flow (0.94x DSCR)
Sub-1.0x debt service coverage ratio makes this unsuitable as a leveraged income-producing investment and limits refinancing optionality.
Market-Rate Pricing
$2,202/SF aligns with Upper West Side luxury comps, indicating fair valuation with no significant upside or distress pricing.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Restructure as cash purchase or require lower leverage ratio
Eliminating or reducing debt service burden would improve DSCR above 1.0x and create positive cash flow profile attractive to institutional lenders.
Implement value-add residential strategy (e.g., short-term rental licensing or fractional ownership model)
Converting to higher-yield operational model could justify the asset economics and demonstrate income-producing capability.
Buyer commits to documented real estate investment roadmap with institutional partners
Third-party investment advisor or co-GP arrangement would mitigate counterparty risk and increase perceived operational sophistication.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Condo Sale 211 West 84th Street Daily limit: 10/10 Tiamat Properties Revocable Trust Purchases Condo At 211 West 84th Street For $17 Million SOLD $17,000,000 7,719 SF Sold 3 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $2,202 Total Square Footage: Transaction Type: A condominium at 211 West 84th Street in Manhattan was sold for $17,000,000. The property spans 7,719 square feet and has a value of $2,202 per square foot in the real estate market. Summary of transaction details: Property Type: Condo Transaction Amount: $17,000,000 Square Footage: 7,719 SF Price Per Square Foot: $2,202 Buyer: Tiamat Properties Revocable Trust - Steven Matz as Trustee Seller: Miki Naftali - Naftali Group Date of Sale: 05/10/2026 Steven Matz, as trustee for Tiamat Properties Revocable Trust, completed the purchase from Miki Naftali, representing the Naftali Group in this luxury residential transaction. See More Players All Buyers | Sellers Miki Naftali 26 deals $3.8B volume SELLER Details Deal Summary IMAGE: Miki Naftali & Steven Matz DATE: 05/10/2026 ADDRESS: 211 West 84th Street MARKET: Upper West Side, Manhattan ASSET TYPE: Condo BUYER: Tiamat Properties Revocable Trust - Steven Matz as Trustee SELLER: Miki Naftali - Naftali Group SALE PRICE: $17,000,000 SF: 7,719 - PPSF: $2,202 NOTE: Steven Matz, acting as trustee for the Tiamat Properties Revocable Trust, has purchased a 7,719-square-foot condominium at 211 West 84th Street in Manhattan from Miki Naftali’s Naftali Group for $17 million. The luxury residential deal in the New York market closed on May 10, 2026, breaking down to a price of $2,202 per square foot. Email New York | @tradedny Contact Get in touch with the broker you want Name Phone (optional) Message I'm an agent These are similar buyers of Condo properties in this price range based on this deal Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search No recent news available for this market No active listings available for this market Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $906,666.67 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$60,397.40 Cash-on-Cash Return -1.27% Monthly Debt Service $80,588.67 Annual Debt Service $967,064.08 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use Sign in to view more deals Create a free account or sign in to continue viewing deals. Forgot password? Continue OR Google Outlook New to Traded? Sign up