By Joel Scanlon
HFZ Capital Group in collaboration with Joy Construction and New Valley has plans to convert the recently procured 10-story, 122,000-square-foot office building at 11 Beach Street and promote luxury housing condominiums.
Supervision for the venture by way of a mix of construction, operations and executive management would be proffered by HFZ Capital Group and Joy Construction. Susan de Franca, President and Chief Executive of Douglas Elliman Development Marketing, and her crew will offer guidance on marketing and sales. The L-shaped plot faces 81 feet of Beach Street on one side, 52 feet of Varick Street on another side, and 101 feet of St John’s Lane on yet another side. HFZ has started pre-construction plans for the venture. The undertaking will make use of the existing structure and remodel it for maximum luxury housing. The TriBeCa locale is encompassed by Canal Street on the north, Chambers Street on the south, Hudson River on the west, and Broadway on the east. Cobblestone streets, breath-taking lofts, and a varied collection of dining, shopping and nightlife destinations are typical features of TriBeCa. It is one of the most aristocratic locales of Manhattan due to easy access to high-end conveniences and high-grade living quality.
The various attractions of the area include the New York Public Library’s new branch, the stunning remodeled Hudson River Park, and a few classy restaurants. Ziel Feldman, Founder and Managing Principal of HFZ, mentions that the new venture will satisfy the need of the TriBeCa locale for big, loft-style apartments. President and CEO of New Valley, Howard M Lorber, declares that the demand for homes in TriBeCa, the perfect location, the locale commanding the highest prices for property in the city are features that make it a perfect investment for the company.