Crane collapse nabe struggling to rebound

TRD 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
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
HFZ managing director John Simonlacaj and The XI development (Credit: LinkedIn and Wikipedia Commons)

HFZ’s High Line condo-hotel project was ATM for the mob, prosecutors say

HFZ’s High Line condo-hotel project was ATM for the mob, prosecutors say
From left: Jared Epstein, Barry Sternlicht, Bobby Cayre and Ziel Feldman

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis
From left: Jared Epstein, Barry Sternlicht, Bobby Cayre and Ziel Feldman

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis
From left: Jared Epstein, Barry Sternlicht, Bobby Cayre and Ziel Feldman

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis
From left: The Chrysler Building, Beny Steinmetz, and 76 Eleventh Avenue (Credit: Unsplash, Getty Images, and The XI)

Beny Steinmetz, reported backer of Chrysler Building owner and HFZ, to be tried in Guinean bribery scandal

Beny Steinmetz, reported backer of Chrysler Building owner and HFZ, to be tried in Guinean bribery scandal
From left: Graeme Hart, The XI and HFZ Capital Group's Ziel Feldman (Credit: Getty Images)

New Zealand’s richest man buys condo at Ziel Feldman’s the XI

New Zealand’s richest man buys condo at Ziel Feldman’s the XI
arrow_forward_ios

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

Loading...