Published On: Fri, May 22nd, 2015

Ziel Feldman Bets Big on Manhattan’s Smaller Condos 

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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.
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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.

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