HFZ, Westbrook to Convert Landmark Property in Manhattan to Luxury Condos
NEW YORK CITY — A partnership between investment and development firm HFZ Capital Group and an affiliate of New York-based Westbrook Partners is undertaking a multifamily conversion project involving a landmark building in Manhattan.
The partnership will transform The Belnord, a 215-unit apartment building that was constructed in 1908, into a luxury condo community. Designed by Hiss and Weekes, an architecture firm active in New York between 1899 and 1933, the 14-story building is located on Manhattan’s Upper West Side and was given landmark status in 1980.
The cost of the project was not disclosed. However, The Real Deal reports that HFZ paid approximately $575 million to New York-based Extell Development Co. for the site in 2015. The New York real estate publication also reports that the conversion of all units into luxury condos is expected to generate sales proceeds of more than $1.3 billion.
Robert A.M. Stern Architects is providing design services for the redevelopment of The Belnord.
“We are thrilled to partner with Westbrook Partners as we carry out our vision to transform The Belnord into a luxury residential development that is unlike anything on the Manhattan market today,” says Ziel Feldman, chairman and founder of HFZ Capital. “This partnership is the ultimate validation that The Belnord is positioned for success.”
A timetable for completing the conversion of all units has not yet been established. Sales of some units for which conversion has been completed are expected to commence this spring.
— Taylor Williams