The Real Deal New York

HFZ sells 46 units at the Chatsworth

The Safra Organization and an unknown joint partner is the buyer
By Will Parker | December 29, 2017 05:30PM

Ziel Feldman and Chatsworth (Credit: HFZ and CityRealty)

HFZ Capital Group sold off 46 apartments at its Chatsworth co-op conversion on the Upper West Side for $38 million, records filed with the city Friday show.

The buyer was an entity linked to the Safras, the billion-dollar Brazilian banking family that is a minority-owner of the GM building.

A receptionist at Safra & Co. told The Real Deal that no one was available to comment and would not be commenting. Executives at HFZ did not immediately respond to a request seeking comment.

Mark Zborovsky, a broker who specializes in selling blocks of apartments and has worked with the Safras, said he didn’t broker the deal but was familiar with the property. He said the 46 apartments are still rent stabilized and occupied, and were “one of the best blocks of apartments” available to buy in the city.

HFZ, led by Ziel Feldman, bought the Chatsworth at 344 West 72nd Street in 2013 for $150 million and quickly sought to convert the 147-unit building into co-ops. A tenant-run website on the building, Chatsworth Insider, indicates that many tenants have accepted buyouts over the years, though there are holdouts. A rent-stabilized tenant featured in a 2015 New York Times story said lack of hot water during the conversions led to washing dishes in the bath tub.

Rumors that HFZ was looking to sell off some of the unconverted apartments at the Chatsworth began circulating last year. The most recent version of the building’s offering plan lists the total sellout price for all units as $430.2 million.