It's pretty much a given with any development site in West Chelsea that expensive condos will rise, but that is surely a definite for HFZ's block-large property bound by 17th and 18th streets and Tenth and Eleventh avenues. The Real Deal reports that the developer secured a whopping $1 billion in financing for the development. Of that, $870 million was spent on actually purchasing the site, which is significantly higher than the $600 million to $700 million he was expected to spend. It works out to about $1,100 per square foot, so that makes the site "one of the most expensive development acquisitions ever recorded in New York," according to the Real Deal. As such, you can be certain that the forthcoming condos will be pretty pricey.
HFZ's Ziel Feldman previously said that he plans to build two buildings on the site, and the condos will be smaller than many other new developments because "buyers are worried more about the total costs than the square footage." So... the units will be small and supremely expensive?
The larger building would rise about 38 stories, and a smaller building would hold a hotel and retail. There would also be a small park. Bjarke Ingels and Rem Koolhaas both reportedly designed preliminary proposals for the site, but HFZ has not confirmed an architect or revealed any renderings.
· HFZ Closes on $1B High Line Deal [TRD]
· HFZ Weighs Starchitects for High Line Condos, Shops & Hotel [Curbed]