Ziel Feldman of HFZ Capital Group has made a $650 million purchase of one of the most sought-after properties in West Chelsea, the Real Deal reports.
The property spans an entire block, is at 518 West 18th street between 17th and 18th street. Feldman now has 716, 000 square feet of development rights. Edison properties and equity partners were the sellers, and an insider from the company said, “We expect that Ziel will now build one of the most iconic buildings on the New York skyline.” Edison bought the property in 1983 from Sol Goldman.
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The question is what Feldman will do with it. He has the potential to build hotels, residences or a commercial building. It is likely to be quite tall, so it is only a slight exaggeration to say the sky’s the limit.