NEW YORK, Dec. 20, 2013 /PRNewswire/ -- Ziel Feldman, Founder & Managing Principal of HFZ Capital Group, the real estate investment and development company based in New York City, announced today that together with its partner, Fortress Investment Group, the company has closed on a portfolio of four residential properties in Manhattan. The purchase price was $610 million.
The four properties include The Astor, located at 235 West 75 th Street, a notable 12-story prewar building with 199 units; The Metro, with 262 units, located at 301 West 53 rd Street; the 105 unit Lex Lofts located at 90 Lexington Avenue and the adjacent 88 Lexington Avenue, a 177 unit tower. All combined, HFZ acquired 743 rental units in prime locations in Manhattan.
"This acquisition enables us to diversify our portfolio with different types of product and in new and expanding areas of the City," said Mr. Feldman. Currently, HFZ is in the process of converting such landmark Manhattan properties as The Marquand at 11 East 68 th Street and The Chatsworth at 340-344 West 72nd Street, as well as developing a ground-up condominium in Chelsea that flanks both sides of the High Line at 505 West 19 th Street, and Halcyon, a 132 unit tower located at 305 East 51st Street in the Midtown East neighborhood.
"Plans for these four buildings are not yet finalized --but overall, we'd like to market them at more approachable price points," Feldman said. "We're aware of the City's need to retain young families, as well as people just starting their careers and hope to address that issue in our future plans."HFZ is highly experienced at these types of acquisitions and has a long history of ownership and development in Manhattan. The Company has an in-house team of highly accomplished professionals in construction, management, renovation and design that can skillfully handle the $4 billion of residential developments it has in its portfolio today. Howard L. Michaels, Chairman of Carlton Group, acted as financial advisor to HFZ in this transaction. Deutsche Bank Securities, Inc. provided financing for this transaction.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV