Posted Dec 6, 2017, 3:43 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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https://therealdeal.com/issues_artic...ing-to-pieces/
By Mark Maurer
December 01, 2017
Quote:
HFZ Capital Group: 3 West 29th Street
HFZ’s development site in NoMad is proof of how complicated it can be for an assemblage dream to become reality.
Ziel Feldman’s firm acquired three properties — the iconic 1890s-era Bancroft Building at 3 West 29th Street as well as a 12-story commercial property and a four-story row house — from the Collegiate Reformed Protestant Dutch Church for a combined $70.1 million in 2013.
Residents lobbied to get the Bancroft landmarked in an effort to halt the building’s demolition. But they failed and HFZ razed the building in 2015, agreeing to create a park in its place. Then last year, the Landmarks Preservation Commission signed off on a plan for the developer to restore the nearby Gilsey House and the Marble Collegiate Church, both of which are landmarked. In exchange, the developer got the buildings’ air rights.
The LPC also greenlit the demolition of three row houses — one that HFZ already owns and two that sources said it’s in contract to acquire. Sources also said the firm is negotiating to buy more property in the surrounding area.
“If you already bought the footprint site, you may be interested in your neighbor’s parcels as well,” Kramer Levin’s Selver said.
In October, the developer filed plans with the DOB for a 34-story, 301,167-square-foot office tower on the site, which sits between Fifth and Sixth avenues.
But those plans, sources say, were merely filed to keep the approval process rolling with DOB. Sources said HFZ’s true plan is to build a tower double that size.
HFZ declined to comment, so the exact size of the project is not clear. The firm, however, recently tapped starchitect Bjarke Ingels, who is also designing its High Line project, for the site.
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