Ziel Feldman, chairman and founder of Manhattan-based HFZ Capital Group, has announced that he will not be building high priced luxury condos on his newly acquired property — contrary to market expectations. The announcement comes a week after Feldman paid $ 870 million for New York’s most sought after site located at 76 Eleventh Avenue.
Talking to Bloomberg, Feldman said that he did not “want to be hostage to a $10-to-$20 million condo market.” He also revealed his intentions to quit the big ticket segment within the next one or two years.
Danish architect Bjarke Ingels is tipped to design Feldman’s condominium project – made up of two towers, considered the most significant project undertaken by the Manhattan-based developer till date. The proposed condos could be priced below $4 million and the entire project could have upto 300 apartments. The proposed housing units well be in the range of 1, 500-2, 000 square feet. The mixed-use project includes a hotel and retail space.
Feldman entered the real estate market as an attorney in 1984 and began his career by invested in multi-family properties in New York City. Before forming HFZ Capital Group in 2005, Feldman co-founded Property Markets Group in 1991. He specializes in developing mixed-use properties in Manhattan area. During his three decade-long career, he has been involved in residential projects, including more than 12, 000 units, with an aggregate value of roughly $7.5 billion.
In recent years, HRZ Capital Group had positioned itself amongst the leading players in the residential condominium market in Manhattan. The company is presently managing and developing more than 5 million square feet of Manhattan real estate and bringing nearly 2, 000 residential units to market.
