Oshrat Carmiel, Bloomberg, April 5, 2017
New York’s condo market is brimming with costly apartments in glittering new towers. Now it’s about to get more pricey homes, this time in a building that’s more than a century old.
Ziel Feldman’s HFZ Capital Group plans to convert 95 empty rental units at the Belnord, a gated complex occupying a full square block on the Upper West Side, into condos that will be listed at $3,000 a square foot on average—more than the boroughwide average for new-development sales in the first quarter. He’s hired architect Robert A.M. Stern for the project at the landmarked limestone-and-brick building, reaching for a formula that’s succeeded at other properties that have pushed price boundaries in Manhattan.
Stern is taking on the Belnord after having studied it for inspiration for his own ground-up design for 15 Central Park West, the ultra-luxury project by Zeckendorf Development LLC that shattered price records.
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“The Belnord is a uniquely New York kind of apartment house—like a palace. It’s got great bones.”Robert A. M Stern