Developers of the Belnord – the 1908 jewel that occupies an entire block on the Upper West Side of Manhattan – have been given the green light to begin selling condo units by the New York State Attorney General’s office, the Real Deal reports.
HFZ Capital Group paid $575 million to buy the Belnord from Extell Development in 2015. The developer is aiming for a $1.35 billion sellout at the rental building, which occupies the full block between Broadway and Amsterdam Avenue and East 86th and 87th streets.
In April, architect Robert A.M. Stern, who is designing the conversion, said the Belnord was poised to undergo a “very high-class Botox treatment.” The sale of condo apartments represents something of a third act for the building, after residents endured a protracted landlord-tenant dispute and conversion to high-end rentals over the past 30 years.
HFZ plans to renovate and convert apartments into condos as rent-stabilized tenants vacate their units. As of April, there were 95 vacant apartments – out of 215 – primed for conversion. According to plans filed with the AG, the developer’s $1.35 billion conversion is one of the biggest-ever for the Upper West Side.
Plans, which have been approved by the city’s Landmarks Preservation Commission, call for reconfiguring apartments, as well as adding amenities like a gym and central air, and modifying the property’s circular driveway. Prices will start at $3 million for two-bedroom units, according to filings with the state Attorney General’s office. The priciest unit is a 5,093-square-foot pad with seven bedrooms asking $18.4 million.
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