Ziel Feldman Nabs $650M Trophy Site in Chelsea
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Ziel Feldman’s HFZ Capital Group is capping a banner year with a $650M deal for one of West Chelsea’s premier development sites, The Real Deal reported. Edison Properties decided to sell the block-long property to HFZ at the urging of equity partners keen to cash in on skyrocketing prices.
The former parking lot at 518 West 18th St is a development gold mine. Running between 17th and 18th Streets from 10th Ave to the West Side Highway, the site consists of more than 760k SF of buildable space -- a plot capable of holding a skyline-changing building. Zoned for hotel, office and residential uses, the property has been jealously eyed by developers as the neighborhood became a high-end hotspot.
CBRE’s Darcy Stacom brokered the transaction. Showing a genius for the long-game, New Jersey-based Edison acquired the property from Sol Goldman in 1983. In addition to commercial and residential properties, Edison’s portfolio includes Manhattan Mini Storage and garage business Edison ParkFast.