Ziel Feldman’s HFZ Capital will pay $600 million for Westbrook Partners’ four-building, 750-apartment Manhattan rental portfolio, the Wall Street Journal reported.
Westbrook had put the buildings on the market in April as part of a $1 billion portfolio That Includes Office Buildings 295 Madison Avenueand 444 Madison Avenue, as The Real Deal first reported.
As part of the deal, Feldman will purchase the Astor, a notable 12-story, 212-unit prewar building at 235 West 75th Street which contains prime commercial space. The other three buildings are the Metro, a 264-unit building at 301 West 53rd Street in Clinton; the 107-unit LexLofts at 90 Lexington Avenue in NoMad; and The Adjacent 88 Lexington Avenue, a 180-unit tower.
Eastdil Secured’s Adam Spies and Doug Harmon had the listing.
New development land prices were too steep to build ground-up apartments at “more approachable prices,” Feldman told the Journal, leaving conversions as the only viable option. HFZ is yet unsure whether the buildings will be kept as rentals, he added.
Representatives from Westbrook did not respond to the Journal’s requests for comment. [WSJ] – Hiten Samtani