The Chatsworth Sells for $150M
Eastern Consolidated Completes Multifamily Sale on Upper West Side
January 8, 2013
Ziel Feldman, principal and founder of HFZ Capital Group has acquired The Chatsworth at 344 W. 72nd St. in New York City for $150 million, or nearly $1.08 million per unit.
The 12-story, 139-unit elevatored rental property is located in Manhattan's Upper West Side submarket, and is one of the finest examples of pre-war Beaux Arts architecture in the city. The ornate facade offers sculptural decor on its rusticated limestone base, brick and terra cotta midsection, and mansard roof. Tenants can enjoy views of Riverside Park to the north and the Hudson River.
It was built in 1904 on half an acre, and features a mix of rent-stabilized and free-market apartments ranging from studios to spacious four-bedroom homes with asking rents up to $15,000 per month. The property is comprised of two towers connected by a dramatic 4,000-square-foot lobby, which was fully restored in 2010 by a historical architectural designer.
The landmarked property has been owned for three generations by the same family, which divested the asset just before year end in one of the area's most anticipated and highly-watched transactions.
Lipa Lieberman, senior director, David Schechtman, executive managing director, Azita Aghravi, senior director, and Gary Meese, director of financial services with Eastern Consolidated represented the seller, Chatsworth Realty Corp. Harold Levine, Esq., David H. Cohen, Esq., Michelle Greenberg, Esq. and Thomas Huszar, Esq. of Moritt Hock & Hamroff LLP aided the seller, while Andrew W. Albstein, Esq., Steve Uffner, Esq. and Robert LoSchiavo, Esq. of Weprin Finkel Goldstein LLP acted on behalf of the buyer.
"We are excited with the end-of-year sale of this historic, iconic residence, certainly classed in the same league as The Dakota, the Apthorp and the Belnord," said Lieberman, who added that the buyer plans an ambitious renovation to the property, restoring its early 20th century splendor.
Feldman is no stranger to recognizing upside potential in prewar apartment buildings, he was involved in the heavily renovated Belnord, also on the Upper West Side. Average rents at the Chatsworth hover around $35 per square foot currently, while market rents in the area could fetch more than double that amount.
Please see CoStar COMPS #2634975 for additional information on this transaction.