In the latest twist connected “The Twists” — a stalled brace of Bjarke Ingels-designed luxury condo towers implicit the High Line Park — a foreclosure auction aboriginal this period mightiness not travel anyplace adjacent resolving the analyzable saga, sources told The Post.
The towers’ unfinished quality has puzzled High Line strollers since operation came to a halt successful precocious 2019. They’re officially named The XI aft their Eleventh Avenue location betwixt West 17th and 18th streets.
The lender connected the quirkily-angled buildings, the Children’s Investment Fund, a UK hedge fund, scheduled a Oct. 28 auction day connected the indebtedness of embattled HFZ Capital Group developer Ziel Feldman’s $2 cardinal project.
They 26- and 36-story towers of reinforced factual were to see 236 luxury condo apartments, the archetypal Six Senses Hotel successful the US, an extravagant spa and 90,000 quadrate feet of high-end retail.
But contempt the looming foreclosure auction– which is not a tribunal action, but a nationalist offering — sources said that the impenetrable tangle of claims involving The Xi mightiness instrumentality overmuch longer to resolve.
Companies that worked connected the task are seething implicit the veil of intrigue. One subcontractor told The Post, “We person nary thought erstwhile oregon if the task volition proceed. Nobody volition speech to us.”
Although the spot mightiness entreaty to developers and investors successful a rebounding condo market, “This concern is not for the faint of heart,” a fiscal root said.
“It has much moving parts than an octopus. It’s similar a elephantine squid with a cardinal tentacles of claims and complications.
“Resolving the indebtedness has to travel archetypal earlier immoderate operation tin resume,” the root added.
A New York justice ruled successful July that Feldman’s HFZ owes the British money $136 cardinal aft Feldman failed to marque monthly involvement payments since April 2020. An HFZ spokesperson said astatine the clip it would entreaty the ruling.
Meanwhile, a cavalcade of creditors led by operation manager Omnibuild person filed liens of hundreds of millions of dollars against Feldman for unpaid bills.
Omnibuild main John Mingione told Crain’s successful August that his steadfast took connected the occupation contempt warnings from wrong the manufacture to, “Watch their payments. Sometimes they’re slow.”
Payments to Omnibuild wholly dried up successful aboriginal 2020 adjacent earlier the pandemic. Omnibuild quit enactment connected The XI and filed a $100 cardinal lien against HFZ successful July 2020.
The XI broke crushed successful 2016. Construction was expected to wrapper up by the extremity of 2019.
Apartments marketed by Douglas Elliman were priced from $2.8 cardinal to $25 million, but it was unclear however galore contracts were signed earlier the task crushed to a halt.
Today, the towers basal astir two-thirds finished. HFZ unopen down its income assemblage connected Little West 12th Street successful May.
HFZ precocious mislaid power of 4 different Manhattan projects to a antithetic lender that astatine The XI, Los Angeles-based CIM Group.
Feldman blamed erstwhile spouse Nir Meir for HFZ’s problems, particularly astatine The XI. As reported by the Real Deal, Feldman called Meir, who near the institution past year, a “psychopath” successful a suit against him this past summer.
Meir’s lawyer termed Feldman’s charges “ludicrous.”
An HFZ rep referred The Post to Helene Feldman, who is Ziel Feldman’s woman and a co-principal of HFZ. She didn’t respond to email requests for comment. Neither did Ziel Feldman’s office.
The Children’s Investment Fund’s Sixth Avenue midtown bureau did not respond to telephone calls. Calls to Cushman & Wakefield brokers Adam Spies and Douglas Harmon, who Crain’s reported were selling the debt, weren’t returned, either.