Keith Larsen & Sylvia Farnham O’Regan, TheRealDeal, Jan. 27, 2021
On its website, HFZ Capital Group touted plans to usher the historic Belnord rental building on the Upper West Side “into a grand new era.”
But the developer’s descent into its own new era — one defined by huge debt, scores of lawsuits and the loss of properties — means the Belnord condo conversion will go ahead with HFZ effectively benched.
A spokesperson for Westbrook Partners, HFZ’s partner on the project, confirmed to The Real Deal that an affiliate for Westbrook is now the majority owner of the 14-story building at 225 West 86th Street and “controls all decisions with respect to the Belnord.”
“HFZ has no active role or involvement in the management or operation of the Belnord and also has no decision-making authority with respect to the project,” the spokesperson said. “HFZ’s only remaining connection to the project is that it holds a minority non-controlling residual economic interest.”
“HFZ has no active role or involvement in the management or operation of the Belnord and also has no decision-making authority with respect to the project.”Westbrook spokesperson
Read the full article in TheRealDeal.