(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)
NEW YORK CITY-HFZ Capital Group is forging ahead to convert a TriBeCa office building into luxury condominium project, the firm unveiled in a statement today. The Manhattan-based real estate and investment company is partnering with Joy Construction and New Valley on redevelopment the 10-story, 122,000-square-foot building at 11 Beach St. for residential use.
The announcement comes shortly after HFZ acquired the site from seller Leonard Kahn in July. According to data from Real Capital Analytics, the property traded for $62 million, or $497 per square foot, and UBS financed the first mortgage for $48 million.
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