HFZ Capital Group, a leading Manhattan-based real estate development and investment company, and Westbrook Partners, a privately-owned, fully integrated real estate investment management company, have announced that an affiliate of Westbrook Partners has become an equity partner in The Belnord.
The partnership is collaborating with renowned firm Robert A.M. Stern Architects to design and execute the transformation of The Belnord, a landmarked residential building completed in 1908 by famed architectural firm Hiss and Weekes, into luxury condominiums. Financial details of the transaction were not disclosed.
The Belnord represents the first conversion of a historic full-block apartment house for Robert A.M. Stern Architects, the internationally recognized architecture firm known for their expertise in the design of apartment buildings, including the record-setting 15 Central Park West. The Belnord, an iconic 14-story property, will feature elegant residences surrounding a beautifully landscaped garden entered through a porte-cochere.
“We are thrilled to partner with Westbrook Partners, one of the world’s most respected and successful institutional investors, as we carry out our vision to transform The Belnord into a compelling luxury residential development that is unlike anything on the Manhattan market today,” said Ziel Feldman, Chairman and Founder of HFZ Capital. “Our partnership with Westbrook Partners is the ultimate validation that The Belnord is ideally positioned for success.”
“The Belnord is one of the most iconic residential properties in the City,” said Paul D. Kazilionis, Chairman and CEO of Westbrook Partners. “Westbrook Partners is excited to partner with HFZ Capital in developing The Belnord’s residences into for-sale luxury units for the first time in the property’s 110-year history.”
Adam Spies and Doug Harmon of Cushman & Wakefield were advisors on the deal.
Sales at The Belnord are expected to begin in Spring 2018 and Douglas Elliman Development Marketing is exclusively handling marketing and sales. More information can be found at: www.thebelnord.com.
ABOUT HFZ CAPITAL GROUP
HFZ Capital Group is a Manhattan-based real estate investment and development firm with expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development, construction and asset management. HFZ capitalizes on development and investment opportunities both in the U.S. and abroad and has acquired, owned, developed and operated properties across many asset classes, including residential, office, hotel, retail, sports and entertainment. Today HFZ is managing and developing real estate with a total value in excess of $10 billion, spanning approximately 10 million square feet including nearly 2,000 new residential units being brought to market. The company has a stellar reputation for restoring and preserving historic buildings as well as building ground up developments in collaboration with renowned architects and designers, such as David Chipperfield, Isay Weinfeld, Thomas Juul-Hansen and now Bjarke Ingels. For more information, please visit http://www.hfzcap.com
ABOUT WESTBROOK PARTNERS
Founded in April 1994, Westbrook Partners is a privately-owned, fully integrated real estate investment management company with offices in New York, Boston, Washington, DC, Palm Beach, San Francisco, Los Angeles, London, Munich, Paris and Tokyo. Westbrook is among the world’s most successful and highly capitalized real estate investors, having raised and invested more than $14 billion of equity in over $50 billion of real estate transactions in major markets throughout the world. Westbrook Partners is strongly invested in New York City having invested $2.3 billion of equity and $9 billion in transactions in more than 130 assets since the company’s formation, including the St. John’s Terminal Building, situated at the crossroads of Tribeca and the West Village, which has been rezoned to pave the way for mixed-use redevelopment, including luxury waterfront residential.