NEW YORK—HFZ Capital Group is moving forward with its plans to develop and convert its newly acquired 11 Beach Street building into condominiums. The 10-story, 122,000-sq.-ft. property is being converted from office space.

Partners in the project include Joy Construction and New Valley. HFZ and Joy will provide oversight for the project through a combination of its construction, operations and executive management team.

“11 Beach Street is another strategic acquisition for HFZ,” said Ziel Feldman, founder and managing principal of HFZ Capital Group. "There is a strong demand in the market for larger, loft style apartments within Tribeca. We focused on this highly desirable area of the city and recognized the potential of this historic property. Today, we’re forging ahead with plans to convert it into a luxury, residential condominium that fits the character and style of the neighborhood."

Situated on an L-shaped plot with 81 ft. of frontage on Beach Street and 52 ft. of frontage on Varick Street, 11 Beach Street also provides 101 ft. of frontage on St. John’s Lane.

HFZ has begun its pre-development planning for the proposed conversion, which will use the existing structure and revamp it for residential use.