HFZ Capital Group, led by developer Ziel Feldman, has purchased the Belnord building at 225 West 86th Street in New York for $575 million. The landmark building was sold by Extell Development; according to a report from The Real Deal, 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. Law firm Paul Hastings represented the buyer — HFZ affiliate Belnord Partners LLC — in connection with its acquisition of the property.
The 13-story building, located at 225 West 86th Street and built in 1909, includes 218 rental units, according to a Wall Street Journal report. The price is more than $1,000 per square foot, or $2.64 million per apartment, according to the newspaper. The property has the largest interior courtyard of any property in Manhattan, according to Extell Development, and takes up an entire block, bordered by Broadway and Amsterdam Avenue and 86th and 87th Streets. Nearby, HFZ is developing two condominium conversions on the Upper West Side.
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