Josh Barbanel, March 12, 2015, The Wall Street Journal:
The Belnord, a graceful, century-old apartment complex on the Upper West Side, has been through its ups and downs over the years, including two brushes with foreclosure and a landlord-tenant fight that lasted for several decades.
Now it’s beginning a new chapter. In a sign of a surging residential market, the residential portion of the building sold on Thursday for about $575 million to HFZ Capital Group, a major New York developer that is in the midst of two other condominium conversions of prewar buildings on the West Side.
The price, after extensive restoration work by the seller, Extell Development Co., works out to more than $1,000 a square foot, or $2.64 million, for each of the 218 apartments, many of them large, gracious spaces with original moldings, parquet floors and fireplaces overlooking a large central court yard.
Ziel Feldman, chairman of HFZ Capital, declined to discuss his plans for the building, citing state condominium rules. But he said condo units in older buildings on the Upper West Side can command a 25% premium over other buildings, even without park or river views.
Read the full article in The Wall Street Journal.
“For the last 20 years, the Belnord has been a labor of love. I am pleased to say we have transformed the Belnord into the magnificent landmark state that it deserves while maintaining excellent relations with the longtime Belnord tenants.”
