Ziel Feldman, founder & chairman of HFZ Capital Group, has closed on the $870 million purchase of 76 Eleventh Avenue and tapped Danish architect Bjarke Ingels to design what is considered the developer’s most significant project yet.
“We have a unique opportunity at 76 Eleventh Avenue to develop an architecturally significant project with unparalleled views of the river and the skyline of New York,” said Feldman. The sale price was the site was recorded by the City Finance Department on Tuesday.
A full city block from 17th to 18th Streets between Tenth & Eleventh Avenues, the site runs along the High Line Park in the heart of Chelsea.
Considered one of the most sought after development sites in the city, HFZ purchased the former parking lot to create “an iconic, world class destination likely to become one of the
city’s more important destinations.”
JP Morgan led a syndicate of lenders who provided $1 billion financing for the transaction. Howard L. Michaels, chairman of Carlton Group, acted as a financial advisor to HFZ.
Mayer Brown represented HFZ Capital Group on $1 billion in debt and equity financing, which covered the $870 million purchase price of the development site, as well as other pre-development expenses.
The Mayer Brown team was led by Real Estate partner Bob Koen (New York) and included: Real Estate partners Marc Shapiro and Jill Block, counsel Jason Schlessel (all New York) and associates Sean Garahan (New York), Ahmad Nofal (Chicago) and Matthew Johnson (Houston); Restructuring, Bankruptcy & Insolvency counsel Richard Ziegler (Chicago); and Tax Transactions & Consulting partner Lee Morlock (Chicago).
Feldman had consulted with various architects, including Dutch architect Rem Koolhaas, and reportedly has preliminary proposals for a two-building development
Ingels, founder of firm BIG, designed the Durst Organization’s tetrahedron-shaped apartment building currently under construction at 12th Avenue and West 57th Street.