Acro Group and Ziel Feldman's HFZ Capital Group have acquired 65% of the Setai Wall Street residential and office building for $80 million, "The Wall Street Journal" reports. The building has 159 condominiums, priced at up to $5 million, and a spa.
HFZ and Acro apparently exploited the market climate to buy the Setai's debt at a substantial discount. "The Wall Street Journal" reported that HFZ and Acro won the tender for the Setai's $147 million construction loan from by Anglo Irish Bank Corporation, beating 12 other developers. The paper said that Feldman declined to comment on his plans for the Setai, but it quoted other property developers as saying that he will probably reach a deal with the developer, Zamir Equities, which defaulted on the loan, to take control of the building.
The 34-storey Setai is located at 40 Broad Street, at the corner of Wall Street. In addition to the condominiums and spa, it has 9,290 square meters of office space.
HFZ and Acro Group have acquired several troubled Manhattan real estate projects at sharp discounts, including an undeveloped site near Bryant Park and stalled residential project on East 51st Street.
Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2011
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