HFZ Capital Group has sold the site of a new condo-hotel development at 20 West 40th Street, adjacent to Bryant Park, for $83 million, according to reports. However, HFZ founder Ziel Feldman will still be involved in developing the project, the New York Post reported.
The site was originally purchased by a joint venture comprised of Feldman, Acro Real Estate and the Taiber family for $46 million. But in 2011, HFZ tried to flip the 32-story, 186,940-square-foot project site. It was also one of several deals cited by broker Jacqueline Finkelstein, who had worked at HFZ and sued the company for allegedly pushing her out of financing transactions she arranged.
Currently, it is unclear who bought out two of the partnerships stakes, or who was bought out, but HFZ’s Laurie Golub told the Post that Feldman is still involved. The sale was first reported in Hebrew language publications in Israel, where HFZ’s public affiliate, Polar Investments, is based.
“HFZ’s plan is to develop it as a mixed-use hotel and residential in a dynamite location,” Golub said.
She added that earlier designs by Morris Adjmi for a previous developer would most likely not be used, but that approvals are in place. [NYP] —Christopher Cameron