HFZ pays $575M for Extell’s UWS rental building
The Belnord sold for $1,000 per square foot, or $2.6 million per apartment
Ziel Feldman’s HFZ Capital Group paid $575 million for Extell Development’s the Belnord, a rental building on the Upper West Side.
HFZ and Extell entered contract in December, as first reported by The Real Deal. The 13-story building, located at 225 West 86th Street and built in 1909, includes 218 rental units, according to the Wall Street Journal. The price is more than $1,000 per square foot, or $2.64 million per apartment, according to the newspaper.
HFZ is developing two other condominium conversions on the Upper West Side.
Extell’s Gary Barnett, together with a group of investors that also included Property Market Group’s Kevin Maloney, paid $15 million for the property in 1994.
In the 1930s, the building was foreclosed on by lenders, the newspaper reported. Later on, the landlord and the tenants of the building entered decades of lawsuits and housing complaints. Half of the building’s tenants went on a 16-year rent strike. It’s unclear what Feldman’s plans are for the property, according to the newspaper. [WSJ] — Claire Moses