HFZ lists penthouse at Chelsea megaproject for $25M

Developer launching sales soon at Bjarke Ingels-designed project

Ziel Feldman’s HFZ Capital Group is preparing to launch sales soon at its two-building Chelsea megaproject, where a half-floor penthouse is asking $25 million. Sales are set to begin on May 7 with the opening of a sales gallery, according to the New York Times. Starting prices will range from $2.8 million for a one-bedroom to $25 million for a half-floor penthouse. Two-bedrooms will start at $3.9 million; three-bedrooms will start at $6.5 million; and four-bedrooms will start at $9 million. HFZ Capital Group, the developer of the project, is aiming to finish it by the end of 2019. Bjarke Ingels has designed the buildings at 76 11th Avenue, a mixed-use development called the XI, in a very unique and twisty way in order to maximize the good views that residents get. The complex will consist of one 36-story tower with 149 condos, one 26-story tower with 87 condos and a lower building with art space and a spa and club. The project is expected to cost a total of $1.9 billion, and HFZ closed on a $1.25 billion construction loan for the project in May. The firm bought the site from an investment group led by Edison Properties in 2015 for $870 million. “We minimized the width of the tower on the river, on the lower levels,” Ingels told the Times about the 36-story tower. “But then as it rises, it expands, and at the top, it occupies the full western facade.” [NYT] – Eddie Small Original Post: The Real Deal