NEW YORK CITY—HFZ Capital Group is said to have purchased the Belnord, a residential rental property on the Upper West Side, for $555 million. Law firm Paul Hastings represented the buyer—HFZ affiliate Belnord Partners LLC—in connection with its acquisition of the Belnord, at 225 W. 86th St., a property Extell Development had owned for more than 20 years, according to the Wall Street Journal.
The Paul Hastings team was led by Bruce DePaola, and included partner Peter Olsen and associates Gerd Alexander, Alyssa Lust and Seth Fersko. The asset purchase included the entire residential component, but none of the retail component.
The property has the largest interior courtyard of any property in Manhattan, according to Extell Development, and takes up an entire block, bordered by Broadway and Amsterdam Avenue and 86th and 87th Streets.
Built in 1909, the Belmont comprises 218 rental units. The Journal reports that the price is more than $2.6 million per unit and more than $1,000 per square foot. Nearby, HFZ is developing two condominium conversions on the Upper West Side.
Extell and a group of investors paid $15 million for the property in 1994.
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