“We know what we’re prepared to sell something for,” he said.
In documents filed with the state attorney general’s office, HFZ estimated a sellout of the 95 condos at about $1.35 billion, which would be among the highest ever in the neighborhood. Feldman plans to convert and renovate more of the building’s rental units over time as existing tenants vacate.
Chelsea Towers
Sales start next week at the Eleventh, where HFZ will seek an average of $4,000 a square foot for its condos, spread across two twisting, white travertine towers on 11th Avenue from 17th to 18th streets. In one tower, a Six Senses hotel and spa will occupy the first 10 floors, and apartments will take up the remaining 16.
HFZ estimates a sellout of $2 billion at the complex, where one-bedrooms start at $2.8 million. Amenities include a 75-foot (23-meter) pool, sauna and a wine-tasting room. The ground floor will have a gallery that will host art installations and concerts.
Capping each tower will be a full-floor penthouse of about 7,000 square feet, with more than 4,000 square feet of terrace space, and each with a 40-foot private pool. The penthouses’ asking price tops the record for a downtown Manhattan home sale, set in April with the purchase of the top three floors of the Getty -- a boutique condo project nearby in Chelsea -- for $59.06 million.
“The building is nicer, or as nice, for less money than what people are paying to live on Central Park,” Feldman said. “We really believe this is the downtown version of where pricing is trending.”
This article was provided by Bloomberg News.