Developer Ziel Feldman's HFZ Capital Group spent more than $600 million last summer on four large rental buildings in subprime areas of Manhattan. The speculation at the time was that he was planning on converting into condos with "more approachable prices," and that appears to be the case, as The Real Deal is reporting that Feldman has filed a proposal to convert the 177-unit 88 Lexington Avenue. The proposal includes a top floor with five "studio penthouses." There will be seven such apartments in total in the building, the cheapest of which, a 584-square-footer, will ask $1.84 million. The building also contains some rent-stabilized units — it's not yet clear how Feldman plans to approach those.
HFZ has also filed plans for four other buildings this year — two other rental-to-condo conversions at 90 Lexington Avenue and 235 West 75th Street; a ground-up, High Line-adjacent condo building and 505 West 19th Street; and a co-op plan for the Chatsworth at 344 West 72nd Street.
· HFZ Capital's latest? Penthouse studios in Nomad [TRD]
· Four More Manhattan Rental Buildings Could Become Condos [Curbed]
· HFZ Capital coverage [Curbed]