HFZ Capital Group Closes On 76 Eleventh Avenue

NEW YORK, May 7, 2015 /PRNewswire/ -- Ziel Feldman, Founder & Chairman of HFZ Capital Group, announced today that the company has closed on the purchase of 76 Eleventh Avenue, a full city block from 17th to 18th Streets between Tenth & Eleventh Avenues that runs along the High Line Park in the heart of Manhattan's Chelsea neighborhood. 

Considered one of the most sought after development sites in the city, HFZ purchased the former parking lot and is planning to create an iconic, world class destination likely to become one of the city's more important destinations. "We have a unique opportunity at 76 Eleventh Avenue to develop an architecturally significant project with unparalleled views of the river and the skyline of New York," commented Mr. Feldman.

JP Morgan led a syndicate of lenders who provided the financing for this transaction. Howard L. Michaels, Chairman of Carlton Group, acted as a financial advisor to HFZ in this transaction. 

About HFZ Capital Group:
HFZ Capital Group is a Manhattan-based real estate investment and development firm with expertise in a broad range of real estate disciplines including underwriting analytics, structured finance, investment, development, construction and asset management. HFZ capitalizes on development and investment opportunities both in the U.S. and abroad and has acquired, owned, developed and operated properties across many asset classes, including residential, hotel, retail, sports and entertainment. Ziel Feldman, HFZ's Founder and Managing Principal, has championed the development of mixed-use luxury properties for over 25 years across a broad range of Manhattan neighborhoods with over 13,000 residential units bought, sold and developed. Today HFZ is managing and developing over 5 million square feet of real estate and bringing nearly 2,000 residential units to market. The company has a stellar reputation for restoring and preserving historic buildings as well as ground up developments in collaboration with renowned architects and designers.

SOURCE HFZ Capital Group