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Old November 27th, 2014, 01:38 AM   #1
LondoniumLex
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NEW YORK | The XI - 76 11th Avenue | 123m | 402ft | 36 fl | 92m | 302ft | 26 fl | T/O

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 03:27 PM.
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Old January 13th, 2015, 01:28 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, 01:33 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, 01:41 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, 08:35 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 03:26 PM.
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Old January 13th, 2015, 08:54 PM   #6
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somewhat old news

https://www.skyscrapercity.com/showthread.php?t=1779705
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Old January 13th, 2015, 09:01 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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Old January 13th, 2015, 09:04 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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Old February 11th, 2015, 05:40 AM   #9
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NEW YORK | The Eleventh | 123m | 402ft | 36 fl | 92m | 302ft | 26 fl | T/O

HFZ might contribute to the starchitecture!

http://nypost.com/2015/02/10/monumen...eventh-avenue/

http://nypost.com/2015/02/10/monumen...eventh-avenue/


Ziel Feldman has now revealed two designs he is toying with for the upcoming 76 11th Ave. between 17th and 18th streets.
Speaking to the Young Men’s/Women’s Real Estate Association Tuesday in Midtown, he said the address could change also.
It is, of course, contingent on branding and culturally superstitious buyers. The Chinese “love eights,” Feldman noted, while 18 is “Chai” and luck for Jewish folks. (Or he could go the patriotic route with 17/76, but that’s just me.)
Feldman, head of HFZ Capital, is in contract to close in April on his purchase of the full block — a former parking lot — from Edison Properties. The possibly record land price, which Feldman declined to discuss, has been previously reported to be $600 million to $700 million and comes with the right to develop more than 760,000 square feet of residential, retail and hotel space.
The fiscally cautious Feldman, who said “Brooklyn scares us” with land pricing at $400 a foot and lower sales prices, was willing however, to take an even higher-stakes gamble with a dramatic project and higher costs — but that would garner higher sales prices.
That’s because it’s all about location — sandwiched between the High Line and Hudson River, both of which border the site to the east and west respectively (along with Chelsea Piers), while to the north is the iceberg-like low-rise IAC building.
A drone-created video shows long-range views as the prospective project rises to 38 stories and 400 feet — it would be a lost trifle in Midtown.
Feldman has very rough preliminary proposals in-hand for a two-building development from both Rem Koolhaas and Bjarke Ingels (founder of firm BIG), whose pyramid design for Durst at 12th Avenue and West 57th Street is currently getting some windows.
No one has been hired, and nothing is inked or set in brick for the full block site. Both architects have suggested somewhat triangular structures that won’t block views.
BIG’s is a low building for a hotel and retail and a higher one with more bulk at the top for the tower closest to the water. The project will include a small park while a porte cochere could run between the buildings.
“We have two buildings and need to make sure they don’t face each other,” Feldman added, drawing laughs when he referenced the nearby Standard Hotel as being “built for voyeurism and for having sex in the windows” — and not what he wanted for his project.
He will also be targeting smaller units as he says condominium buyers are worried more about the total costs than the square footage.
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Old February 11th, 2015, 05:42 AM   #10
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Jeanne Gang's Solar Curve, Hadid's Related condo, Koolhaus' Related condo, Gehry's IAC, etc are all nearby!
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Old February 11th, 2015, 04:36 PM   #11
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http://m.ny.curbed.com/archives/2015...hops_hotel.php
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Old February 11th, 2015, 05:21 PM   #12
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Quote:
Originally Posted by LondoniumLex View Post
Jeanne Gang's Solar Curve, Hadid's Related condo, Koolhaus' Related condo, Gehry's IAC, etc are all nearby!
Sweet! The high line is going bonkers with the starchitecture!! I luv it.
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Old February 11th, 2015, 05:27 PM   #13
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Here's an article from the Daily news reported last month in regard to HFZ's plans for the site.

Full High Line block to be transformed into mixed use building inspired by luxe tower One Beacon Court

Ziel Feldman's HFZ Capital is drafting provisional plans for the Chelsea tower

http://www.nydailynews.com/life-styl...icle-1.2075121



Quote:
Big time real estate developer Ziel Feldman wants to bring a little uptown chic to the High Line.

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, which was designed by architect Cesar Pelli and his son Rafael and has served as home to big name residents such as Flavio Briatore and Beyoncé.

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.

"We think this is the nicest piece of real estate in the city," Feldman said, noting that the hotel concept would likely be similar to the one that Larry Silverstein employed with the Four Seasons hotel at 30 Park Place in Lower Manhattan.

Feldman is buying the site from longtime owners the Edison family, who operated the site as a parking lot.

The median price for a Chelsea condo is currently more than $4 million, or $2,212 per square foot, according to listings website CityRealty. But if Feldman's tower truly has the same cachet at One Beacon Court, buyers could see prices drift as high as $6,000 a foot, sources said.

A penthouse at the Midtown building is currently on the market for a whopping $82 million.
Massing Rendering via curbedny


A 400' tower would be no joke for the high line!
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Last edited by Vertical_Gotham; February 11th, 2015 at 05:33 PM.
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Old February 11th, 2015, 08:37 PM   #14
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That's an old rendering from before HFZ got this. I hope that Ziel goes with BIG.
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Old February 11th, 2015, 08:53 PM   #15
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Agree, I hope they select BIG too!

Monumental developments on the horizon for Eleventh Avenue
http://nypost.com/2015/02/10/monumen...eventh-avenue/

Quote:
Ziel Feldman has now revealed two designs he is toying with for the upcoming 76 11th Ave. between 17th and 18th streets.
Quote:
It is, of course, contingent on branding and culturally superstitious buyers. The Chinese “love eights,” Feldman noted, while 18 is “Chai” and luck for Jewish folks. (Or he could go the patriotic route with 17/76, but that’s just me.)

Feldman, head of HFZ Capital, is in contract to close in April on his purchase of the full block — a former parking lot — from Edison Properties. The possibly record land price, which Feldman declined to discuss, has been previously reported to be $600 million to $700 million and comes with the right to develop more than 760,000 square feet of residential, retail and hotel space.

The fiscally cautious Feldman, who said “Brooklyn scares us” with land pricing at $400 a foot and lower sales prices, was willing however, to take an even higher-stakes gamble with a dramatic project and higher costs — but that would garner higher sales prices.

That’s because it’s all about location — sandwiched between the High Line and Hudson River, both of which border the site to the east and west respectively (along with Chelsea Piers), while to the north is the iceberg-like low-rise IAC building.

A drone-created video shows long-range views as the prospective project rises to 38 stories and 400 feet — it would be a lost trifle in Midtown.

Feldman has very rough preliminary proposals in-hand for a two-building development from both Rem Koolhaas and Bjarke Ingels (founder of firm BIG), whose pyramid design for Durst at 12th Avenue and West 57th Street is currently getting some windows.

No one has been hired, and nothing is inked or set in brick for the full block site. Both architects have suggested somewhat triangular structures that won’t block views.

BIG’s is a low building for a hotel and retail and a higher one with more bulk at the top for the tower closest to the water. The project will include a small park while a porte cochere could run between the buildings.


“We have two buildings and need to make sure they don’t face each other,” Feldman added, drawing laughs when he referenced the nearby Standard Hotel as being “built for voyeurism and for having sex in the windows” — and not what he wanted for his project.

He will also be targeting smaller units as he says condominium buyers are worried more about the total costs than the square footage.

As for Mayor de Blasio’s affordable housing push, Feldman said that density and height are “music to my ears,” but “if I have to have more affordable, it has to pencil out.”
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Old February 11th, 2015, 11:56 PM   #16
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$1,000 per sq. ft....just on land costs!
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Old February 12th, 2015, 12:11 AM   #17
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Quote:
Originally Posted by desertpunk View Post
$1,000 per sq. ft....just on land costs!
That's what Avalon just paid for the Am Bible site: $300m for $300k sf of building rights on a parcel that's probably a quarter of an acre at best!
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Old February 12th, 2015, 07:05 AM   #18
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The solar curve will be amazing too,

http://studiogang.net/work/2010/solar-carve-tower
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Old February 16th, 2015, 03:06 AM   #19
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I agree!

The high line is goin bonkers. Hopefully HFZ selects Bjarke Ingels. Was by the site today. Huge lot.
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Old February 17th, 2015, 09:58 PM   #20
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BIG has a project in Vancouver. Possible glimpse of what we can expect if his firm is tabbed.


http://blog.archpaper.com/2015/02/vi...ncouver-house/


Vancouver House
http://vancouverhouse.ca/
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