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Old November 27th, 2014, 02:38 AM   #1
LondoniumLex
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NEW YORK | 518 W. 18th St. | 122m | 400ft | Pro

http://therealdeal.com/blog/2014/11/...-chelsea-site/



Ziel Feldman’s HFZ in contract to buy huge W. Chelsea site
Edison Properties could get more than $600M for High Line site that allows for 760,000 sf
November 26, 2014 04:48PM
By Rich Bockmann
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From left: Ziel Feldman, 518 West 18th Street and Darcy Stacom
Updated 5:34, Nov. 26: Ziel Feldman’s HFZ Capital Group is in contract to buy one of the most sought-after development sites in West Chelsea, The Real Deal has learned – a transaction worth somewhere in the neighborhood of $650 million.
The block-long property at 518 West 18th Street runs between 17th and 18th Streets from 10th Avenue to the West Side Highway and holds more than 760,000 square feet of development rights, paving the way for Feldman to construct one of the largest buildings in the neighborhood.
The sellers were Edison Properties and its equity partners. The deal works out to somewhere between $600 million and $700 million, a source said.
“Our partners have encouraged us to capitalize on the foresight our chairman had over 30 years ago, and we agreed,” an Edison insider said. “We expect that Ziel will now build one of the most iconic buildings on New York’s skyline.”
CBRE’s Darcy Stacom brokered the transaction. Neither Feldman nor Stacom could be immediately reached for comment.
The property, which for years was operated as a parking lot, sits like a fallow gold mine amid the neighborhood’s real estate riches.
Edison, the New Jersey-based landlord that owns ancillary companies such as Edison Park Fast and Manhattan Mini Storage, has controlled the site since 1983 when it bought the property from Sol Goldman.
As real estate values in West Chelsea began skyrocketing, many in the development community were itching to take control of this site and others that Edison holds in the area, including a parking lot at the southeast corner of 20th Street and 10th Avenue. Feldman had offered to buy that property around two years ago when he was buying land to develop his 10-story condo building at 505 West 19th Street, sources said, but was rebuffed by Edison, which still operates it as a parking lot amid a growing forest of luxury developments.
Feldman’s new site allows for hotel, office and residential uses. He could construct a residential building larger than the 710-unit AVA Highline several blocks to the north, or a commercial building roughly four times the size of Barry Diller’s Frank Gehry-designed IAC Building next door.
This post was updated to include the sales price.

Last edited by desertpunk; January 14th, 2015 at 04:27 PM.
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Old January 13th, 2015, 02:28 AM   #2
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http://www.nydailynews.com/life-styl...icle-1.2075121

Quote:
By Katherine Clarke. Jan 12th, 2015.
[...]
Feldman, whose company HFZ Capital is preparing to close on an $800 million deal to buy a whole square block development site in West Chelsea, said his plans for the property are inspired by One Beacon Court, the mixed-use tower often known as the Bloomberg Building at 151 E. 58th St.
The company is working on a concept for the site that would include a similar driveway-cum-courtyard as the one has become the defining characteristic of the 55-story Midtown tower
[...]
The new "architecturally significant" 800,000-square-foot tower, which would occupy the block between 17th and 18th Sts. from 10th Ave. to the West Side Highway and could go as high as 400 feet, would include a retail component on the ground floors, a named brand hotel in the middle and condos up top, Feldman said of his plans, which are still provisional. It would be one of the tallest buildings in the neighborhood.
[...]

One Beacon Court


the site
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Old January 13th, 2015, 02:33 AM   #3
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as a height comparison to another high line tower, 500 w 30th aka Abbington House (by Robert AM Stern) is 325' tall.



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Old January 13th, 2015, 02:41 AM   #4
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This is good news. Hopefully, Friedman will abandon his usual quest for the cheap and mundane and design something great here and on W 29th. His track record on 2nd Ave and at Bryant Park is not promising though.
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Old January 13th, 2015, 09:35 PM   #5
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Ziel Feldman’s HFZ in contract to buy huge W. Chelsea site

Edison Properties could get more than $800M for High Line site that allows for 760,000 sf
http://therealdeal.com/blog/2014/11/....yx4rlYtR.dpuf



Quote:
Ziel Feldman’s HFZ Capital Group is in contract to buy one of the most sought-after development sites in West Chelsea, The Real Deal has learned. Feldman is buying the parcel for more than $800 million, making it one of the priciest-ever development deals in the city.

The block-long property at 518 West 18th Street runs between 17th and 18th Streets from 10th Avenue to the West Side Highway and holds more than 760,000 square feet of development rights, paving the way for Feldman to construct one of the largest buildings in the neighborhood.

The sellers were Edison Properties and its equity partners. If the deal closes at $1,000 per square foot, the price would be north of $800 million.

“Our partners have encouraged us to capitalize on the foresight our chairman had over 30 years ago, and we agreed,” an Edison insider said. “We expect that Ziel will now build one of the most iconic buildings on New York’s skyline.”
Quote:
Feldman’s new site allows for hotel, office and residential uses. He could construct a residential building larger than the 710-unit AVA Highline several blocks to the north, or a commercial building roughly four times the size of Barry Diller’s Frank Gehry-designed IAC Building next door.
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Last edited by desertpunk; January 14th, 2015 at 04:26 PM.
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Old January 13th, 2015, 09:54 PM   #6
Hudson11
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somewhat old news

http://www.skyscrapercity.com/showthread.php?t=1779705
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Old January 13th, 2015, 10:01 PM   #7
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Ha! I did not see the thread! lol.

I motion for this sucker to be deleted! Cheers.
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)
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Old January 13th, 2015, 10:04 PM   #8
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Yea, the Bryant Park one is a doggie dog. I have high hopes this will be stunning. It better be since they just paid freakin $800 m for it. It's a great opportunity to have an architecturally significant tower adjacent to the IAC building.



As an insider said about this project...

Quote:
An insider at Edison Properties, which had controlled the site along with its equity partners since Sol Goldman sold it in 1983, said the company expects Feldman to build one “of the most iconic buildings on New York’s skyline.”
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)
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Old May 7th, 2015, 10:33 PM   #9
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http://therealdeal.com/blog/2015/05/...igh-line-site/

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Old November 12th, 2015, 07:42 AM   #10
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Something is happening here. There was a drilling rig, likely for soil bearing capacity testing.


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186 Newark, NJ Development projects MAPPED
http://www.skyscrapercity.com/showthread.php?t=1874870
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See my DeviantArt account at http://towerpower123.deviantart.com/

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