From left: Ziel Feldman, managing principal of HFZ Capital, and 303 East 51st Street
Los Angeles-based CIM Group closed its majority stake in a high-rise residential tower and retail development site in Midtown, according to a statement from the developer yesterday.
The site, at 303 East 51st Street, will be co-developed by CIM Group and Ziel Feldman’s HFZ Capital and construction will begin later this year, the statement said. [more]
Twenty months after a deadly crane collapse halted construction on a tower at 303 East 51st Street, new life has come to the condominium.
HFZ Capital Group has acquired the note on the building from Arbor Realty Trust for $40 million, after the original principal developer, James Kennelly, invested more than $110 million for the defaulted project, according to sources.
Nineteen of the building’s 30 floors have already been built, and the rest should be completed within a year and a half, according to a source closely involved in the deal. The project, east of Second Avenue, has yet to be named, but HFZ is expected to invest $60 million to complete construction.
HFZ is a partnership between Tamir Sapir and Ziel Feldman, chairman of Polar Investments, and Israeli-based Acro Real Estate, although Sapir had nothing to do with the crane note purchase. Note: Correction Appended [more]
