, 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
The four properties include The Astor, located at 235 West 75
Street, a notable 12-story prewar building with 199 units; The Metro, with 262 units, located at 301 West 53
Street; the 105 unit
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
"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
properties as The Marquand at 11 East 68
Street and The Chatsworth at 340-344 West 72nd Street, as well as developing a ground-up condominium in
that flanks both sides of the High Line at 505 West 19
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
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.