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New York & Tri-State  + Finance  | 

HFZ, Westbrook Partner on Belnord Recap

HFZ Capital Group and Westbrook Partners are partnering on a recapitalization of The Belnord, an historic full-block apartment house on Manhattan’s Upper West Side. Financial terms of Westbrook’s equity partnership were not disclosed; HFZ paid $555 million to acquire the 14-story, 110-year-old property from Extell Development in 2015.

Sales are set to begin this spring at The Belnord, for which HFZ hired architect Robert A.M. Stern to oversee conversion from 213 rental units into residential condominiums as the rentals become vacant over time. Douglas Elliman will handle sales and marketing of the condos.

Bloomberg News reported last year that HFZ estimated a full-building sellout of the condos would bring in $1.35 billion, among the highest tallies on record for the neighborhood. Adam Spies and Doug Harmon of Cushman & Wakefield’s capital markets team were HFZ’s advisors on the deal.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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