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

TRD 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 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
From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

arrow_forward_ios
Loading...