Jean Nouvel's Vision Mashine has a few kinks in it. The Wall Street Journal reports today that the Pritzker Prize-winning starchitect's 100 Eleventh Avenue condo building?under construction in West Chelsea?is nearly a year behind schedule and some $50 million over budget, and developer Cape Advisors must refinance the construction loan, or possibly halt work next month. Yikes. What's a little building made up of 1,700 oddly-shaped glass panels to do? What will happen to The Loggia?!?! Fear not:
A Cape spokeswoman says that there is "huge interest" from potential investors. The developers could strike a deal with new investors as early as Friday, according to two people familiar with the deal. But that unnamed capital source is expected to get a 25% return, slashing into profits Cape hoped to see from the project, these people say.As long as the Vision gets realized, we think Jean is probably OK with the developers losing some pocket money. Just keep those costs down across town, buddy boy.
· Lavish New York Condo Project Contends With Lenders' New Demands [WSJ]
· Curbed's 100 Eleventh Avenue coverage [Curbed]