The Real Deal New York

HFZ reveals rendering, teaser for Chelsea megaproject

Bjarke Ingels-designed project will have 236 condos and a 137-key hotel
By E.B. Solomont | March 08, 2018 11:45AM

Ziel Feldman and a rendering of 76 Eleventh Avenue

HFZ Capital revealed a new rendering of its Chelsea megaproject, the Eleventh, in a new teaser website that went live Wednesday.

The rendering depicts the block-long project at 76 Eleventh Avenue, which will have two asymmetrical bronze-and-travertine towers connected by a skybridge. Designed by Danish architect Bjarke Ingels, the 950,000-square-foot development will have 236 units combined and 90,000 square feet of retail. The east tower will have 87 units plus a 137-key Six Senses Hotels Resorts and Spa. The west tower will have 149 units.

HFZ has said that asking prices for the apartments will range from $4 million to $8 million.

HFZ chief Ziel Feldman has said he wants to attain between $3,800 and $4,000 per square foot in sales, which would be unprecedented in the area. In November, he told The Real Deal that the appeal of the Six Senses hotel and spa would help him land buyers.

Douglas Elliman Development Marketing is handling the project, and sales are expected to launch this spring.

According to the condo’s offering plan, units will average 1,928 square feet. The top penthouse will measure 7,000 square feet with a wraparound terrace and outdoor pool.

Feldman’s firm acquired the site for $870 million — or $1,100 per foot — in 2015, one of the priciest land deals in the city’s history.

Last year, it sewed up a $1.25 billion construction loan for the project in May from the Children’s Investment Fund.