This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

HFZ Closes On Four Residential Properties For $610 Million

Stocks in this article: FIG

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. 

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs