HFZ Capital pays $870m for Manhattan development site
HFZ Capital has acquired a development site in Manhattan for approximately $870 million from Edison Properties. The site will become an 869-unit condominium project under plans submitted to the City Planning Commission in 2005 under the name Highline Towers.
HFZ reached an agreement to buy the site located near the High Line Park in West Chelsea in November 2014. HFZ secured $1 billion in financing from JP Morgan. The financing allows the developer to close on one of the most expensive development acquisitions ever recorded in New York City, at $1,100 per square foot.
The site is a full city block between 10th and 11th avenues and 17th and 18th streets. The property had long been used as a parking lot, providing 377 spaces for the U.S. Drug Enforcement Administration, which has offices nearby.
In March, HFZ completed