Crane collapse nabe struggling to rebound

New York /
Feb.February 21, 2011 08:37 AM

Developer Ziel Feldman may have stepped in last year to buy the note on the stalled Turtle Bay construction site at 303 East 51st Street, where a 2008 crane collapse killed seven people, but the immediate surrounding neighborhood is looking like it needs its own cash infusion in the aftermath of the tragedy. According to the Post, nine businesses around the site — near Second Avenue, between 50th and 51st streets — have become “ghostly museums” as a result of the crash. City Council member Jessica Lappin, who lives in the area, called the retail strip “moribund” and “just depressing.” Meanwhile, the construction site at the center of it all hasn’t been a source of much optimism, either. Original developer James Kennelly defaulted on his $110 million mortgage, the owner of the crane company implicated in the collapse was convicted of bribery, and Feldman’s HFZ Capital Group closed on the note to the 19-floor condo shell for $40 million in April. [Post]


Related Articles

arrow_forward_ios
Ziel Feldman and 11 East 68th Street (Getty, Google Maps)

Take my condo, please! Ziel Feldman puts his own UES pad on the market

Take my condo, please! Ziel Feldman puts his own UES pad on the market
Ziel Feldman and (clockwise from top left) 2121 North 161st East Avenue, Tulsa, OK; 707 Spence Lane, Nashville, TN; 1600 East Butler Avenue, Flagstaff, AZ; and 500 Bailey Avenue, Buffalo, NY (Getty, Google Maps)

HFZ facing foreclosure on nationwide industrial stake

HFZ facing foreclosure on nationwide industrial stake
Starwood Capital CEO Barry Sternlicht, the Chatsworth at 344 West 72nd Street and HFZ Capital chairman Ziel Feldman (Google Maps; Getty)

Starwood suing HFZ for $157M over co-op conversion loan default

Starwood suing HFZ for $157M over co-op conversion loan default
HFZ Capital’s condo the XI has sold 38 of its 236 units (iStock)

HFZ’s Chelsea condo now effective, with 16% of units sold

HFZ’s Chelsea condo now effective, with 16% of units sold
José Calderón and 235 West 75th Street (Calderón by Borja B. Hojas/Getty Images; Google Maps)

Former Knick scores unit at HFZ’s Upper West Side condo

Former Knick scores unit at HFZ’s Upper West Side condo
Ziel Feldman (iStock)

HFZ Capital launches new fund for REIT investing

HFZ Capital launches new fund for REIT investing
Creston Apartments at 2030 Creston Avenue in the Bronx (Credit: Google Maps, iStock)

Construction firm with alleged mob ties worked on Bronx affordable housing project

Construction firm with alleged mob ties worked on Bronx affordable housing project
Former HFZ Capital Group executuve John Simonlaca (Credit: HFZ, iStock)

Meet the HFZ exec accused of taking mob bribes

Meet the HFZ exec accused of taking mob bribes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...