Ziel Feldman has been quietly amassing a portfolio of large prewar apartment buildings on the Upper West Side — properties he considers to be architectural gems ripe for restoration to their former glory.
Feldman is planning a co-op conversion at the Chatsworth, at 344 West 72nd Street, which he purchased for $150 million, and a conversion of the Astor at 235 West 75th Street, purchased as part of a portfolio. He picked up both buildings in 2013.
“Just, look at this! I’m a builder, and I can’t build this,” Feldman told the New York Daily News, referring to the Chatsworth. “It’s way too expensive. This would cost a fortune to build from scratch nowadays, and you’d have to sell it for some crazy number to make any money.”
At the Belnord, a 226-unit rental that he bought from Extell last year, he may be planning a similar conversion, but remains tight-lipped.
The buildings are some of the last in the neighborhood with such aesthetic grandeur that have not yet been converted to for-sale product.
“I wanted to take these buildings whose glory days have long past and contemporize them,” Feldman said. “To me, that’s more challenging than building something from scratch.”