Developer Ziel Feldman’s HFZ Capital filed permits last week to tear down the first of three buildings in NoMad to make way for a proposed 350,000-square-foot mixed-use tower, according to Department of Buildings records. [more]
Posts Tagged ‘hfz capital’
New renderings and pricing details for HFZ Capital’s High Line buildings, designed by architect Thomas Juul-Hansen, have surfaced. [more]
The Landmarks Preservation Commission bashed HFZ Capital Group’s controversial plan to top the landmarked Chatsworth Building with a two-floor penthouse addition in a Tuesday hearing.
William Higgins of Higgins Quasebarth & Partners, a historic property preservation and rehabilitation consultancy, presented the developer’s proposal for 344 West 72nd Street, which drew critiques for a lack of handicapped-accessible passageways at the new entrances and for its “contextually inappropriate” design, as Manhattan Borough President Gale Brewer wrote to Landmarks Chairman Robert Tierney. [more]
The Marquand’s two penthouses, one with six bedrooms and another with seven, are set to hit the market with $43 million and $46 million price tags, respectively. [more]
The priciest condominium at HFZ Capital’s the Marquand hit the market yesterday for $22 million. [more]
Ziel Feldman’s HFZ Capital will pay $600 million for Westbrook Partners’ four-building, 750-apartment Manhattan rental portfolio, the Wall Street Journal reported. [more]
A New York state appeals court has upheld a lower court judge’s decision to unseal documents relating to multiple wrongful death settlements in a 2008 Turtle Bay crane collapse, The Real Deal has learned. The site is home to HFZ Capital Group’s Halcyon NY condominium development.
The March 2008 crane accident at 303 East 51st Street, between First and Second avenues, killed seven people and damaged nearby buildings, including the site of restaurant Crave Foods and 305 East 50th Street, home of co-plaintiff Jean Squeri. The settlements that resulted from the wrongful death cases were originally sealed by Judge Carol Edmead after one of the trials, so that that previous judgments would not impact the ones pending. [more]
HFZ Capital is redeveloping the Marquand condominiums on the Upper East Side and will list the renovated units between $15 million and $40 million, Curbed reported. Douglas Elliman will handle sales, which are slated to kick off in May.
Renovations to the 100-year-old building at 11 East 68th Street will take place on the exterior and interior, including fixes to the Beaux-Arts façade. Shelton, Mindel & Associates and Beyer Blinder Belle Architects are the architects of record. [more]
HFZ Capital Group’s condominium development in Turtle Bay, once the site of a deadly crane collapse, will be called Halcyon NY and will include a mix of one-bedrooms through four-bedrooms, priced at between $1.5 million and $5 million, Curbed reported.
The building is set to reach 32 stories, with a total of 123 condos, as The Real Deal reported. In 2008, the crane accident killed seven people and damaged nearby buildings, effectively forcing out the original developer. [more]
Midtown East’s Turtle Bay neighborhood is undergoing a development renaissance, with several long-stalled projects recently taking off and a number of new projects in the pipeline, the Wall Street Journal reported. [more]
Ziel Feldman’s HFZ Capital and partner BSG Real Estate have closed on the purchase of the Chatsworth, an Upper West Side rental building, for $150 million, the Wall Street Journal reported. [more]
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.
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]
HFZ Capital Group joined Vornado Realty Trust in its previously reported acquisition of 11 East 68th Street, and will take control of the 41 residential units while Vornado presides over the 100-foot-long Madison Avenue retail space, the Wall Street Journal reported.
In September, Vornado entered into contract to buy the Upper East Side rental building for $170 million, a $21.8 million discount on the amount the sellers, ABRO management, paid for it in 2008. [more]
From left, 303 East 51st Street, Ziel Feldman, founder of HFZ Capital
Group, and City Council member Jessica Lappin
For three and a half years, the structure at 303 East 51st Street has remained a stunted
skeleton, halted at 18 stories after the infamous March 2008 crane collapse that killed
seven people and crushed an adjacent building.
But that may change soon.
Ziel Feldman, founder of HFZ Capital Group, which closed on the purchase of the site
early this year, said through a spokesperson that he would have “significant progress to
announce” later this week, and the firm plans to restart construction at the site, on 51st
Street between First and Second avenues, this spring.
The expeditor on the project, Laurence Gillman, an associate at Jerome S. Gillman
Consulting Architect, said that the Department of Buildings had completed its zoning
examination of the plan and was reviewing architectural and other drawings as part of a
building code review…. [more]
The new holders of the senior debt at One Madison Park issued subpoenas yesterday to force investor Green Bridge Capital to disclose its relationship with Ziel Feldman’s HFZ Capital and why the firm is refusing a June 30 offer to accept a new plan backed by Related Cos.
The new proposal, by an entity called One Madison FM, is designed to bring in new bidders through an open auction and substantially raise the value of the property. Sources say the new entity is backed by Related Cos. Chairman Steve Ross, who is pursuing a plan to become the new sponsor of One Madison Park.
Related, one of the largest and most respected real estate developers in the city, is working with Amalgamated Bank on a financial plan to help pay off creditors of the bankrupt condominium at 23 East 22nd Street, and complete construction.
“He wants to develop it,” according to a source familiar with Ross’ plans for the property…. [more]
Amalgamated Bank has acquired the senior piece of the One Madison Park condominium mortgage loan from iStar Financial, according to federal bankruptcy records obtained by The Real Deal, jeopardizing a rescue plan submitted earlier this month by HFZ Capital.
Manhattan-based Amalgamated already held the $78.5 million junior piece of the mortgage loan, and a New York state Supreme Court judge refused to block the deal despite a $75 million lawsuit from HFZ, a distressed real estate firm led by investor Ziel Feldman.
HFZ asked the judge to block the deal on the grounds that Amalgamated, after initially promising to sell the junior piece to HFZ in November 2010, reneged on that deal and swooped in on the senior note after HFZ filed a rescue plan in U.S. Bankruptcy Court. … [more]
The developers of a troubled Turtle Bay condominium tower filed a $100 million malpractice lawsuit against two high-powered law firms Cozen O’Connor and Blank Rome for allegedly giving them bad zoning advice prior to the fatal March 2008 crane collapse that killed seven people at the East 51st Street site.
The developers, led by former firefighter James Kennelly of Kennelly
Development, alleged in a suit filed June 13 in New York state Supreme
Court that their former zoning lawyers provided flawed legal opinions,
which led them to overestimate the value of the property, leading to the
eventual default of $70 million in loans with Arbor Realty Trust.
“Cozen and Blank Rome’s incorrect analysis of the applicable zoning
regulations and their failure to conduct sufficient and adequate due
diligence caused plaintiff to overestimate the value or potential value of
the project,” attorney Rex Whitehorn, representing Kennelly, wrote in
the complaint, “and plaintiff made irreversible decisions with respect to
financing while relying on plaintiff’s advice.”… [more]
Steve Ross is the latest developer angling for a piece of One Madison Park, the skinny glass condo at 23 East 22nd Street that’s been mired in lawsuits since its owners ran out of cash in 2009. According to the Wall Street Journal, Ross’ Related Companies is working on a bid with Amalgamated Bank, one of the project’s junior lenders, to wrest control of the property through a buyout of senior lender iStar Financial’s debt. The Amalgamated plan was revealed in yet another lawsuit filed yesterday by Ziel Feldman’s HFZ Capital, which is expected to submit an official rescue plan for One Madison to federal bankruptcy court in Delaware within days. … [more]