Carlton Group Chairman Howard L. Michaels represented Ziel Feldman and HFZ Capital in its $1 billion acquisition of one of the most valuable development sites in all of Manhattan
By Konrad Putzier The Real Deal
Ziel Feldman’s HFZ Capital Group has closed on the acquisition of a $870-million High Line development site after securing $1 billion in financing.
The financing will cover the purchase price for 518 West 18th Street, as well as other pre-development expenses, according to sources. A group including JPMorgan, BlackRock and SL Green provided the money. Howard Michaels’ Carlton Group represented HFZ in the transaction. Michaels couldn’t be reached for comment. According to sources, 70 percent of the financing package is a loan and the rest equity. HFZ reached an agreement to buy the site, located between 11th Avenue and the High Line, last year. The financing will now allow the developer to close on one of the most expensive development acquisitions ever recorded in New York, at $1,100 per square foot. “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,” Feldman said in a statement.