Ziel Feldman’s HFZ buys Westbrook Partners’ residential portfolio for $600M

750-unit deal includes the Astor on the UWS

New York /
Jul.July 18, 2013 08:30 AM

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


Related Articles

arrow_forward_ios
Urban Commons' Taylor Woods and 2-10 West Street (Facebook, StreetEasy)
Urban Commons in danger of losing FiDi hotel
Urban Commons in danger of losing FiDi hotel
A photo illustration of Nir Meir (Getty)
Nir Meir settles contempt charges with HFZ investor, avoids jail
Nir Meir settles contempt charges with HFZ investor, avoids jail
Swig Equities president Kent Swig and 444 Madison Avenue (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and LoopNet)
Kent Swig hit with rent suit for 444 Madison Avenue HQ
Kent Swig hit with rent suit for 444 Madison Avenue HQ
The New Kings of New York, Steve Ross, Gary Barnett, Ziel Feldman, Kent Swig, Dan Doctoroff
“What happened to Ziel Feldman reminds me of what happened to Kent Swig:” An interview with the author of “The New Kings of New York”
“What happened to Ziel Feldman reminds me of what happened to Kent Swig:” An interview with the author of “The New Kings of New York”
Steve Witkoff of Witkoff Group, Len Blavatnik of Access Industries and the XI (Getty Images, The XI)
Witkoff, Blavatnik set to resume XI condo project with new contractor
Witkoff, Blavatnik set to resume XI condo project with new contractor
Ranee Bartolacci, Nir Meir with the Sunset Islands home (Getty, Massa Construction Group)
Wife of embattled former HFZ principal alleges Miami Beach luxe rental was filled with rats, moldy bathrooms
Wife of embattled former HFZ principal alleges Miami Beach luxe rental was filled with rats, moldy bathrooms
Vanbarton Group’s Gary M. Tischler and Richard Coles with Marble Collegiate Church at 1 West 29th Street (Getty)
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
From left: Ranee Bartolacci, Nir Meir, the Sunset Islands mansion and Mathieu Massa  (Getty, Google Maps, Mr. Hospitality)
Trouble in paradise? Wife of former HFZ exec sued over alleged modifications to waterfront Miami Beach rental home
Trouble in paradise? Wife of former HFZ exec sued over alleged modifications to waterfront Miami Beach rental home
arrow_forward_ios

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

Loading...