HFZ Capital is moving ahead with the redevelopment of a commercial building at 11 Beach Street in Tribeca, and has retained Prudential Douglas Elliman to assist with sales and marketing, a statement from HFZ today said.
HFZ is partnering with New Valley, Howard Lorber’s firm, which owns 50 percent of Prudential Douglas Elliman, and a company called Joy Construction, the statement said.
The 10-story, 122,000-square-foot building, at Varick Street, was acquired by HFZ in June.
“There is a strong demand in the market for larger, loft style apartments within Tribeca,” Ziel Feldman, founder of HFZ, said in the statement. “We’re forging ahead with plans to convert it into a luxury, residential condominium that fits the character and style of the neighborhood.” – Guelda Voien