HFZ Capital is planning to convert the Belnord – a 13-story, 218-unit rental building at 225 West 86th Street, on the Upper West Side – into 213 condominium units. The developer recently filed their plans with the Attorney General’s office and expects the future condominiums to be worth a total $1.3 billion, according to The Real Deal. HFZ acquired the residential portion of the block-encompassing building – bound by West 86th and 87th streets, Broadway, and Amsterdam Avenue – for $575 million last year. The ground-floor sections contain retail space and will be left untouched. The property is an individual landmark (and is also listed on the U.S. National Register of Historic Places), which means any exterior alterations must be approved by the Landmarks Preservation Commission.
Flushing-based Marx Development Group reacquired, for $35 million, the development assemblage at 450 Eleventh Avenue, located on the corner of West 37th Street in the Hudson Yards District, in 2013. Since then, the developer purchased 35,550 square feet of development rights for $7 million, and now new details of the planned hotel have been revealed by The Real Deal. Planned is a 42-story, 440-key Starwood Hotels & Resorts Worldwide hotel. The tower will measure roughly 213,300 square feet and will feature 3,000 square feet of ground-floor retail space. DSM Design Group is designing the project. Groundbreaking is expected later this year, and opening is slated for 2019. Two low-slung commercial buildings – at 448-452 Eleventh Avenue – must first be demolished.
One of New York City’s most magnificent public spaces will be getting some upgrades. On Tuesday, the Landmarks Preservation Commission approved changes to the atrium of the Ford Foundation Building at 320 East 43rd Street.
The South Bronx continues to boom with new affordable and supportive housing projects. Non-profit Services for the Underserved hopes to build a seven-story apartment building at 1434 Undercliff Avenue, in the Highbridge section of the Bronx.
A northern New Jersey community is getting its first new full-service hotel since the last one closed in 1938. On Tuesday, a groundbreaking ceremony was held for The MC hotel in Montclair. That’s in Essex County.