HFZ closes on $1B High Line deal

Purchase of 518 West 18th Street one of the city’s priciest development acquisitions

New York /
May.May 07, 2015 03:29 PM

UPDATED, May 7, 5:16 p.m.: Ziel Feldman’s HFZ Capital Group has closed on the acquisition of a $870-million High Line development site after securing $1 billion in financing.

The financing will cover the  purchase price for 518 West 18th Street, as well as other pre-development expenses, according to sources. A group including JPMorgan, BlackRock and SL Green provided the money.

Howard Michaels’ Carlton Group represented HFZ in the transaction. Michaels couldn’t be reached for comment. According to sources, 70 percent of the financing package is a loan and the rest equity.

HFZ reached an agreement to buy the site, Located Between 11th Avenue and the High Line, last year. The financing will now allow the developer to close on one of the most expensive development acquisitions ever recorded in New York, at $1,100 per square foot.

“We have a unique opportunity at 76 Eleventh Avenue to develop an architecturally significant project with unparalleled views of the river and the skyline of New York,” Feldman said in a statement.


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Closing time: HFZ vacates the XI sales gallery in Chelsea
Closing time: HFZ vacates the XI sales gallery in Chelsea
Closing time: HFZ vacates the XI sales gallery in Chelsea
SL Green's Marc Hollday, 635-641 Avenue of the Americas, Infor's Kevin Samuelson. (Infor, SL Green)
Software company Infor renews 90K sf Chelsea lease
Software company Infor renews 90K sf Chelsea lease
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Ziel Feldman, Ben Ashkenazy and 600 Madison Avenue. (Getty, Ruben Companies)
Ashkenazy takes over HFZ’s office at 600 Madison
Ashkenazy takes over HFZ’s office at 600 Madison
arrow_forward_ios

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

Loading...