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Originally Posted by sparkling
Do you have a source for the $800 million figure? I thought it was a bit cheaper. Anyhow, looking forward to hearing their plans for the site as the $600- $800 mil price tag is quite stretching it IMO!
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Multiple sources put the figure at $650 million. This is indeed one of the largest land purchases in a while in raw dollar value. Sites similar in size of this in the outerborough can go anywhere from 20-100 million depending on the location, but given its Chelsea, thats the price to pay for such a location. Unless another source claims that it was 800 million?
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http://online.wsj.com/articles/new-y...ine-1417042890
Wall Street Journal saids 800 million. Real Deal was off by 20% depending if we go by the lower range but they where somewhat close; well, the insider who told them at least was close. At more than a $1000 a square foot, its about that.
Developer to Pay Over $800 Million for Site Near High Line
Block-Square Property Had Been Slated for Condo Project
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A Manhattan developer has paid more than $800 million for a huge, long-stalled development site along the High Line Park in West Chelsea, according to a person familiar with the transaction.
Ziel Feldman, the founder and chairman of HFZ Capital Group, signed a contract Wednesday to buy the 76,425-square-foot site. It is a full city block and had long been used as a parking lot between 10th and 11th avenues and 17th and 18th streets.
Mr. Feldman is paying more than $1,000 per square foot. That makes it one of the highest prices paid for a development site in Manhattan—both per square foot and in total.
The site was slated to become an 869-unit condominium under plans submitted to the City Planning Commission in 2005 under the name Highline Towers.
But the project by Edison Properties, a real-estate company that operates many parking sites and storage facilities, stalled during the economic downtown. The site was put on the market earlier this year with Darcy Stacom and Bill Shanahan of CBRE.
In a statement, Mr. Feldman confirmed that the deal for the entire block had gone into contract, but didn’t mention the price. A spokesman for Mr. Feldman declined to provide further details.
“We plan to develop an architecturally significant project at this iconic site which has unparalleled views and a location far and above any other site in downtown Manhattan,” the Feldman statement said.
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