Developer Ziel Feldman is probably about to get control of troubled One Madison Park, so perhaps a slightly more sure investment would be a good choice for his next project. He's probably found one in the three lots he tells The Real Deal he just purchased next to the High Line (for an estimated $42.7 million to $48.5 million). Feldman's HFZ Capital Group will be building a 100,000-square-foot mixed-use building on those lots?153 Tenth Avenue, 505-509 West 19th Street, and 511-513 West 19th Street?with towers on either side of every real estate developer's favorite elevated park. The mixed-use breakdown: 10,000 square feet of retail and 90,000 square feet of residential, with condos for sure and possibly rentals as well.
It's too soon to know what the buildings will look like or exactly how much they'll cost, but one source tells The Real Deal that 456 West 19th Street, Cary Tamarkin's curvy condos, would make a good comp. Those units have been selling for $1,400 to $2,400/square foot, so start saving now, folks. And if anyone gets renders, you know what to do.
· HFZ Capital inks contract for High Line site [Real Deal]
· High Line coverage [Curbed]
· HFZ Capital Group [Curbed]