After obtaining $1 billion in financing, HFZ Capital Group has closed on the development site at 76 11th Avenue, or 518 West 18th Street, in West Chelsea. The lot comes remediated and vacant, and it’s one of the most expensive acquisitions in New York’s history, according to The Real Deal, clocking in at $1,100 per square-foot. The developer is planning a two-building mixed-use development rising 400 and 300 feet tall, spanning 850,000 square feet in total. Bjarke Ingels Group was previously disclosed as the project’s designer.
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