New Zealand’s richest man buys condo at Ziel Feldman’s the XI

Brokers have said sales have been slow at the luxury building near the High Line

New York /
Jun.June 05, 2019 05:35 PM
From left: Graeme Hart, The XI and HFZ Capital Group's Ziel Feldman (Credit: Getty Images)

From left: Graeme Hart, The XI and HFZ Capital Group’s Ziel Feldman (Credit: Getty Images)

The richest man in New Zealand is buying a pricey pad at HFZ Capital Group’s “the XI,” a boost to a high-stakes project where brokers have said sales are slow.

Private equity executive Graeme Hart, who has a reported net worth of more than $7 billion, is in contract for a $34 million penthouse at the property, the Wall Street Journal reported. If it closes at asking price, the five-bedroom, 5,783-square-foot unit will have gone for nearly $5,900 a foot, well above average condo prices along the High Line.

As The Real Deal previously reported, developer Ziel Feldman HFZ Capital is shooting for roughly $4,000 per square foot overall at the XI, which is about double what condos along that section of the High Line are selling for, according to data from Stribling & Associates. The project, with a sellout of $1.96 billion, also includes two $70 million penthouse, which are priced at nearly $5,000 a square foot. If they sell for sticker price, they’ll set a Downtown record.

The project, split between two towers that are connected by a sky bridge, is named for its 11th Avenue location and was designed by architect Bjarke Ingels. The 950,000-square-foot development includes 236 condos as well as a 137-key Six Senses resort and spa, plus gobs of amenities, retail and a new park.

Sales launched in September 2018, but they’ve been sluggish in a generally slow luxury condo market.

The project is one of the most ambitious Feldman has ever taken on, and its likelihood for success has long been up for debate, in large part due to high predevelopment costs and a $1.25 billion construction loan from hedge fund Children’s Investment Fund.

“I can’t imagine Ziel losing money. It would be unusual for him,” Compass president Leonard Steinberg previously told The Real Deal. “But I think this one is cutting it a bit close, because it’s so big.” [WSJ] – Eddie Small


Related Articles

arrow_forward_ios
The cryptonaires will see you now
The cryptonaires will see you now
The cryptonaires will see you now
TENNY Policy Director Martha Star and New York City Comptroller Brad Lander (NYU Wagner, New York City Comptroller)
Last Stand: Property tax reformers recruit Lander to lawsuit
Last Stand: Property tax reformers recruit Lander to lawsuit
Zillow senior economist Jeff Tucker (Zillow, iStock)
US housing market up a historic $6.9T in 2021: Zillow
US housing market up a historic $6.9T in 2021: Zillow
Tyler Whitman, licensed real estate salesperson, The Whitman Team @ Triplemint; and 43 Garden Street (Corcoran, Triplemint, iStock)
“Million Dollar Listing” star buys instead of selling
“Million Dollar Listing” star buys instead of selling
Gary Beasley, chief executive officer and co-founder, Roofstock (Roofstock, iStock)
Roofstock ramps up iBuying, even with tenants in place
Roofstock ramps up iBuying, even with tenants in place
Sam Zell with a RVC Outdoor Destinations site (Getty, RVC)
Sam Zell’s Equity Lifestyle Properties invests $147M in manufactured homes
Sam Zell’s Equity Lifestyle Properties invests $147M in manufactured homes
Gregory Russ, chair and chief executive officer of the New York City Housing Authority (NYC.gov NYCHA, iStock)
NYCHA fires 18 workers in overtime pay probe
NYCHA fires 18 workers in overtime pay probe
Jeff Aronson (iStock, Jeff Aronson, CC BY-SA 2.0, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Centerbridge closes $2B real estate fund
Centerbridge closes $2B real estate fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...