The Upper West Side’s Chatsworth apartment building, which went on the market this summer for the first time in 67 years, has sold for $150 million.
HFZ Capital Group and BSG Real Estate Ltd. closed the deal late December on the well-known Beaux-Arts property at 344 West 72nd Street, the Wall Street Journal reported. The 13-story, 139-unit Chatsworth was erected in 1904 and had been owned by the family of Lenore Dean for almost seven decades.
HFZ head Ziel Feldman plans to extensively renovate the building, noted for its russet facade. About half of the apartments are rent-stabilized, and the current rent averages $35 a square foot.
“Our intent would be to bring it back to its original glory,” Feldman told the Wall Street Journal. He did not specify the rent prices he would seek for the newly renovated units, but he said that prime Upper West Side buildings can garner over $90 per square foot. Although the Chatsworth could be converted into a condominium or co-op, Feldman intends to maintain it as a rental for now.
The property, which overlooks Riverside Park, has undergone several renovations within the past few years, including $1.2 million spent repairing the facade. In 2010, the lobby was restored to its original prewar design. Long-time owner Dean died in 1998, and the building passed to her grandchildren, who put it on the market asking $150 million.
Lipa Lieberman, David Schechtman, Peter Hauspurg and Azita Aghravi of Eastern Consolidated brokered the deal.